Here in MD (and I think most everywhere elsr in the country), a Realtor can prepare and provide standard lease forms and disclosures.

Be prepared that if you tell her he does not qualify to live there, she will probably sneak him in anyway. 

He came prepared and had great experience.

This will help you to understand deal structures from the LP perspective and will give you some credibility if you raise money for others.Also, be prepared to "eat your own dog food" - invest your money in the same deal you're raising money for.

You will learn as you go along but anything you can do to be as prepared as possible is best! 

2) What DSR prepayment penalties are you prepared to accept?

If the first is foreclosing, are you prepared to pay off the first and bid at auction to protect your interest?

Since your CPA is advising that your current structure is sound and not worth changing, it seems you're well prepared, especially with your past audit experience.

@Christopher J FuchsTo prepare for your first real estate investment, focus on building your credit score, market research, planning your investment, networking with investors, creating a savings plan, and exploring financing options.

However, if communication continues to be lacking, or if you receive inconsistent updates, it’s crucial to be prepared for the possibility that you may need to pursue legal recourse.Protect Yourself Moving Forward: If you do recover your investment or start new ventures, consider more stringent due diligence in the future.