If you have a $6000 per month interest only payment and the best case scenario is renting both units for $5000 per month (you only mention renting one unit for $2500, perhaps the other "owner" unit is far nicer and commands more rent?)

So we have bought properties that are really well taken care of by a long term owner and need minimal work before being put in service.

There are so many ways to pick up a good deal without instant equity. 0% down owner finance, subto at a low interest rate and monthly payment.

Right now I am looking to buy an owner occupied investment property but I plan on growing my real estate portfolio after I graduate from school.

Are the owners like minded in length and type of property? 

I am not sure if i am being too paranoid but Should i get them to sign some document indicating that they don't have any rights to these pictures and the landlord is the owner of the pics?

There are deals to be made with properties like this as the owners are oftentimes motivated to sell quickly.

Some owners do not and will not have the same needs as you and may not think like you.  

If you use conventional now you can still use fha any time in the future as ling as you will owner occupy. 

I was going through the price history and it looks like the owner tried to rent out the property between November and January, lowering the price each month until they finally decided to put it up for sale.