Do i pay the tax on the 50k and then distribute everyones weighted profit portion or do i distribute everyones profit and then pay tax on my own porition?

If you evaluate the weighted cost of capital as 3% for your principal since that's what you'd be forgoing, then the equivalent interest rate on your $90k is nearly 7.5%.((650K*3%)+(90K*7.5%))/(740K)=3.5%To say it another way, you'd be better of borrowing that $90K with any other loan option charging interest up to 7.5%.

The real estate commissions care about license laws and harming the general public.In commercial real estate the REALTOR symbol really doesn't carry much weight.

Do signed waivers hold any weight?

It's so important and valuable to get others' insights...but just don't put too much weight on any one piece of advice or perspective.

Any title company worth their weight in salt should be familiar with assignments.

You will need to provide more documentation to get the same LTV you could with "lighter" doc requirements on your residence.

It's worth it's weight in gold and not only addresses your question directly, but gives you all the criteria you should use for selecting an out of state team (i.e. realtor, contractor, property manager, lender). 

The benefits of depreciation, appreciation, interest write off, paydown & cash flow far out weight the 15k I would net from a sale! 

Acceptable forms of proof for your primary residence would be (sort of in order of weight it would carry, but not precise).1.