Additionally, even if your current PM doesn't rent out furnished units, you can exercise using another self-managed option where you can list and screen for the unit yourself (and cut back on that PM cost). 

From the beginning of this deal to the end, I exercised full transparency with both my Assignee and the Seller about that I intended to make a profit assigning this deal, and I even disclosed how much.

Structure the Option so that you CAN NOT exercise it until she dies.

If they do NOT want to exercise that Right, then they can "sell their share to an outside party" IF the majority votes to accept that.

And I also know that many schools use a financial aid calculator that does NOT exclude small family business assets, so probably an academic exercise at the end of the day...)

Also, if you plan on partnering with this individual long-term, I think a 50/50 will induce less strain on the relationship.

The exercise could be circumvented by using the BP analyzers though it won't teach you nearly as much. 

Good on you for working to exercise empathy and understand her side of it. 

I believe this to be a government induced bubble of foreclosures and their has to be a reckoning.  

Any investors out there that have concurrently exercised these drop that knowledge!