Income would be from hunting dues and timber harvesting, expense would be conservation management, taxes, and the mortgage.

I would also share pros and cons of paying taxes on the windfall versus owner carry.

(gross rents $4900; 8% PM; mortgage+insur+taxes = $3600/mo).

The sum total of taxes of each of the 4 units will usually be higher than if it were apartments.

Then rent the bigger home out using a property manager, allowing her to possibly cash flow and maintain that asset and let it continue to grow in value.Encourage her to consult with a CPA or tax attorney to explore the best strategy tailored to her situation.

I'm assuming you are arriving at your cash flow number by applying Gross income - cap ex, maintenance, utilities, vacancy, tax, insurance, mgt, landscape/snow & Debt service?

I do intend to stay close to home - but home provides only annual opportunities and I’m looking for year round possibilities with tax deed properties. 

There are also additional costs of operating and maintaining an LLC, like separate bank accounts, annual report filings, tax filings, etc.2.

From a tax standpoint, there are additional disclosures to make when selling a business asset for less than fair market value to a related third party. 

Some will dangle out-of-market offers in a term sheet, then ask for substantial sums of money right away.