Here's a fundamental explanation to get your juices flowing:Assume a house costs $200,000 and rents for $1,500.

Finally, just because you can't discriminate doesn't mean they get a free pass.

When a water heater breaks at 9pm on a Sunday I get an email saying it happened, it’s been fixed and it cost $1200 give or take.

-Transfer the property into an LLC – This may allow me to take ownership while potentially avoiding property tax reassessment, however this sounds like an involved process-Establish a living trust for my aunt and mother – The trust would specify that I inherit the property upon their passing and provide step up in cost basis but i'm worried that the living trust can be modified to have me removed (who knows what can happen) - My mother is somewhat volatile.I would like to live in the property and my mother will live in her second property with her husband. 

He told me that without installing a sump pump system (at a cost of $12k), the foundation will continue to deteriorate, which could eventually lead to bowing basement walls—an issue that could cost upwards of $50k to fix.The inspector asked if the previous homeowner disclosed any water damage.

Feel free to ask away!

If you've dealt with this how much did it cost and how much time did it take to resolve it?

Sounds like you need to have a relationship with a couple of good contractors, 40k for vinyl siding sounds high, what was the material cost.  

For example, if she can't visit the property, is she good at record keeping (so everything is organized at tax time) or finding vendors, comparing product prices, finding free or low cost items on Facebook marketplace to improve the rental)3. emergency fund.

If need help feel free to PM as I'm happy to share my experience.