It comes down to what you expect to get out your real estate and your relative risk/return profile. 

@Vincent CarminatiI would speak to an attorney/accountant about the LLC structure but one LLC per single family house might be overkill.In regards to transferring money; why doesn't your relative place a mortgage on the property you are buying to keep everything clean?

Once you obtain your REL, do you have to work for a broker to "activate" your license?

with your relative in 2nd position....What's the worst case scenario?...

Nick,Your relative can apply for the mortgage and list you on the title. 

I would also tell your relative the house has to be sold and they is no other options. 

Has your relative attempted the cash for keys method.

Just a personal opinion of one guy who has heard way too many similar stories over his 25 years in business.Separate business from personal, especially since she is not your relative or girlfriend.

@Kinju DudhiaYou definitely need to get yourself some good qualified professionals...There isn’t enough info here to determine the ramifications, but to try to answer your related question: the attorney is asking what is the sale price.

For those that have run comps, how do you go about estimating the amount of the adjustment for a feature that your property has or doesn't have such as below within your relative market?