I will not sign any document like she has sent, I want a proper property management agreement that outlines all terms, correctly, for both our protection and clarity.What should I do?

Now, if you want a fully legal duplex, including having the property reclassified, Scott Mac offered the basic outline of steps.  

This document outlines specific loan terms, including a clause about transferring the underlying property: 'This loan may become immediately due and payable upon transfer of the property securing such a loan to any transferee

 I suggest setting clear goals and outlining your desires and requirements for your ideal investment properties.

Set specific, measurable goals such as passive income targets, number of properties, or net worth milestones.Create a Plan: Outline a roadmap with actionable steps and timelines to achieve your goals.3.

Hi Michael,The property will have to meet all of the VA's minimum property requirements, if you want a complete list, they are outlined in Chapter 12 of the VA lender's handbook: http://www.benefits.va.gov/warms/pam26_7.aspAlso keep in mind the appraiser has discretion to call out repairs outside of the MPRs if they feel there is an issue that keeps the home from being safe, sanitary and sound. 

We offer rental projections on STR revenue for some realtors, but nothing as detailed as you outlined.

@Lilly FangThe way I have done this in the past was I had a lien on the property and let the property be in the name of the partner but we had a jv agreement outlining the terms of the profit split on the deal

Kindly ask the tenant to not smoke inside is my approach which I outlined above.

Focus on building a business model that outlines your value proposition, target market, revenue, cost structure, and key activities/timeline.