Good point Wayne, he shouldn't be collecting any fee directly without consent of his broker and even at that it's not a good idea.Most E&O insurance is provided for agents through the broker on a per deal closing basis or leases signed.

I do not know about MN; however, in many states the tenant can sue if the landlord disposes of those personal items without tenant's written consent.

Does payment of fee imply consent?

Without mutual consent from both of you, you could encounter problems. 

I want to swap out the members of this LLC from "Paul Winka" to "Paul Winka Revocable Living Trust". 

They may release that parcel depending on the LTV at this time, otherwise you may need to pay down the loan.If you have an existing equity funded note, seller financed, wrapping that loan is an extension of credit requiring the note holder's consent.

You also need to have the existing members vote (or consent) to admit the new member to the LLC and have the new member adopt the Company Agreement.You will need to file an annual franchise tax report for your LLC, which requires you to disclose names of directors, officers and managers.You should consult a local attorney, or at least call the Secretary of State's Office and ask some questions.Also, look at these links:http://www.sos.state.tx.us/corp/formationfaqs.shtmlhttp://www.window.state.tx.us/taxinfo/taxforms/05-forms.htmlhttp://www.statutes.legis.state.tx.us/Docs/BO/htm/BO.101.htmhttp://www.sos.state.tx.us/corp/forms/205_boc.pdf

For example, a revocable trust that allows you to control and benefit from your interest in the LLC will quickly be dismantled in a judgment.

If you and your wife file a joint return, if the LLC is taxed as a sole proprietor and reports on your personal tax return, and if the trust is a revocable living trust then all of those would be disregarded entities and the tax payer is still you and your return after 5 years - 1031 away.Aside from that there is not statutory holding or seasoning period. 

Your niece would not be able to sign a lease legally without consent so I assume her boyfriend is the one who ponied up the cash.