I had my tenants pay first and last months rent wen signing plus a security deposit.Their year is almost up and they would like to resign.

What about security deposit accounting?

Loan rate/terms get complex once you hit that 5+ unit property, so you'll ideally want to work with someone who can help on both sides of your plan.I'd also consider MTR as an option for a $70K property.

In my current situation I don't have any capital available, and have a very large student loan burden. 

Oh, you can loan money to a friend with a handshake, no problem, it's taking a security interest in RE that's the problem.

I find that these agreements spell out duties and responsibilities without relinquishing any security for the investor and they can spell out any number of options when things go wrong.

A contract for deed doesn’t transfer legal title, it’s a contract that states title WILL BE transferred when the loan is paid off, or a specific amount of equity is accumulated in the property.  

The cash yield from the loan would be greater than the yield from renting the property, even with area appreciation. 

Probably most of a duplex with a tiny loan.

Your IRA can buy an existing note or make a loan to a borrower.