With the knowledge that I seek to gain through experience, I hope to be able to one day give back to my community and teach others the things that I hope to learn.

Professionals with decades of experience and very impressive track records do all the heavy lifting for you.

I'm assuming you're targeting grad students/young professionals?  

I am new to real estate so I would be very greatfu for some professional feed back.

I would guess it could be done but you should really talk with a mortgage professional before taking that leap of faith.

I will be taking a little pause (about 3 months off) around Christmas or New Years for the birth of my first child and for some stuff I need to do professionally, but I plan on getting back at it next summer and having those 2 units completely up and running by the beginning of May 2018.  

Not to mention you also have much more flexibility with the tax code.Other options would be to buy better cash-flowing rentals (tough in this market), qualify your spouse as a real estate professional, or sell the property.

I am seeking advice on how to turn this deal into a fair and legal win/win.I found a duplex in my target area for a fair price, but I have a couple other deals going on so my capital is tied up.

I've been a full time professional Realtor, specializing in investment property since 1989. 

Thus I am doing my homework and seeking advice in the private/hard money sector.