Our project is going to look a lot like a 5-unit apartment building but on paper, it won't be.

Add HVAC now $25k and this is tight.If you are buy and hold;   find the paper linked off my BP profile;  how to buy a bullet proof rental portfolio.    

Many PHAs allow you to apply online, but some may require a paper application.

I can give numerous examples of California investors I know losing money from buying in "cheaper cash flow on paper markets."  

Point is create a paper trail and soon the appraiser will stop getting calls from the Appraisal management company (AMC) who works for and in favor of the bank. 

I have remodeled the unit completely prior to putting it to rent, including addressing pre-movein readiness checklist I was given by RL after they walked through the unit (small list of punch items like toilet paper holder, cleaning unit, door stopper etc.).

Is it as simple as signing paper work to transfer it or does she have to legally sell it to my LLC and if so what would we be looking at as far as being taxed on it?

I would also recommend buying paper goods/cleaning products from a WB Mason or something like that for the best savings.For mattresses, I use Lucid - they are so comfortable and affordable, they also get delivered in a compact box which makes it easy.Have some type of signage out front and make sure the numbers are easy to differentiate on the property, that way its is clear and straightforward for guests.

One idea I have is to "shadow" a real estate investor (although I am not entirely sure how to go about asking for / finding this kind of opportunity), but I am wondering if anyone has insight into other ways to gain a comparable level of experience.Experience on paper you can't get until you go through a project on your own or have a big enough piece of. 

Old school ledgers and rent rolls written on notebook paper...