Risks that I see are rent control (already in some places), lessoning housing regulations (there is a proposed regulation that would let any SFR be converted to a duplex, there is already ADU rules that allow an ADU to be added to most SFR, and parking requirements are constantly being reduced to allow more affordable building options), possibly at top of market (which if past history is an indicator even if Bay area is at top of market a new high will be established in no more than 8 years), potentially any number of other potential Landlord unfriendly regulations (no STRs, disallow criminal checks, rent control (already discussed), longer more onerous eviction procedures (already can take a while in some cases), mandating acceptance of Section 8 (already true in some areas), etc.).You evaluate the return versus the risks and determine if the investment appears sound. 

Finding sponsors that can change their operating procedures without going over the cliff should market conditions change is key.  

Standard procedure for joining any of these offerings is confirmation of accredited investor status.

It changes procedural guidelines and removes restrictions that were considered overly burdensome.

I would also shy away from doing things that require massaging information to a lender.You mentioned that she owns the property outright.

For instance, there may be a particular procedure laid out in the P&S you've signed for how to assign it.Here is a general form that you can use as a guide.

Their title co will exempt these unrecorded liens in the B Exemptions, and their title insurance is not really free....they hit you with a bunch of other junk fees.The LP is a non issue, as along the underlying lien is cured.Note....the fines for the code violations may be paid but of course you still have to fix the underlying problem.....here, you can’t really pay off the fines without curing the problem first....I’d try to find out the local specific procedures and maybe a lot a few thousand extra to it.

And following the proper procedure.

But it is a specific IRS procedure (Rev Proc 2000-37) where your QI takes title to the new property and holds it until your old property sells. 

State laws/procedures vary but typically it is as Nick pointed out.....a title company doesn’t just decide who should get the EM, they need either an agreement signed by both parties, or a court order.