My initial thought is to purchase a property, place it in a Revocable Trust with my two (now minor) children as the beneficiaries of said trust.

I did look at the lease and there is a no sublease allowed unless I gave written consent for her to do so.  

Another legal barrier is the joint ownership (joint tenancy), once done, cannot be undone without the other owner's consent.  

In emergency, situations a firm will protect the property and make the necessary repairs without your consent.  

She responded saying "clearing the check is legally binding as a consent to accept the prorated rent". 

BTW, the link to the company that you provided is no longer in business, and hasn't been legitimate for more than a decade:Entity Status     Automated Administrative dissolution/Revocation

Since the seller has a sizable mortgage, I doubt the mortgage company will consent to seller-financing...

If you get in some situation where actions of any kind are necessary to force a member or corporate officer out, it will be an adversarial issue to some point, it is not a pleasant thing to fire someone and splitting the sheets in business is much like a divorce of a marriage.Now, if there is mutual consent, it can be easier, but it's still a divorce and both will be admitting failure of their initial intentions.

Exits are pretty much the same, a sale and what you have depends on how you transfer your rights, L/O you assign the option, Sub-2, you sell with good (or limited title with consent of your seller) as a purchase transaction.

However the court had filed the "consent judgement" from nearly 2 years ago when it went on short sale from previous owners and made the record online.