Always keep an eye on interest rates to optimize cash flow and return on equity. if you switch to long term hold investing, you'll want to see if equity stripping is a strategy that works for you. 

They'll fight tooth & nail in court to keep a full accounting hidden, even to the point of claiming protected work related.

Highly recommend starting close to you so you can get eyes on the property if you do decide to purchase a true rental. 

This owner found a free lease template online that provided very little landlord protections. 

To simplify the existing lease I thought about asking the tenant if they would be ok modifying the addendums to get rid of the resident benefit package and the building protection plan. 

Holding properties in an LLC (or other legal entity) can offer valuable protection for your personal assets, so I understand why you went that route.

While an LLC offers liability protection, it does not change how taxes are reported unless treated as a partnership or corporation.

How do I protect myself in this situation, while also helping a relative? 

To protect this community, they are selective about the people bring in because we all want connect with people who are motivated, committed to the process, and excited about being part of a real estate investing community.

A well written management contract should clearly spell out what is expected of both the PMC and the owner, to PROTECT both and avoid misunderstandings.