I like this idea as I think it would give me a behind the scenes view of key financial aspects of investing. 

To ensure I navigate these legal aspects correctly and make informed decisions, I’m looking for recommendations for a knowledgeable real estate lawyer or legal entity in the area.

The biggest thing we started doing after our first 2-3 flips is focusing on the higher-roi aspects such as kitchens and baths, and then doing "just enough" for everything else. 

Great place to learn about lots of different aspects of REI.

What other aspects should I keep in mind and look out for in a property of this age and condition?

This year I have also hired a bookkeeper at $50/hour to take care of the rental aspect of the financials.

You jump into some aspect of real estate investment and in your first year, you make $50k. 

Securing a sponsor can be challenging, especially when they have concerns about your capabilities to manage the property and keep it profitable.So, let me share a suggestion that might make a potential sponsor more comfortable:Offer to have them oversee the asset and property management aspects, including the control over cash flow.

It would be advisable for the potential purchaser to thoroughly investigate every aspect of the property prior to purchase, including, but not limited to, the location of the property, type of buildings, if any, on the property, determining what, if any, liens or encumbrances exist on the property, and any other facts which may be pertinent to the contemplated purchase.

They provide excellent, practical advice on every aspect of MTRs.