I'm going to be covering the 10% down payment and carrying costs, and my business partner (who has his own LLC) is going to be handling the loan from the HML, as well as the points and EMD.

Debt is a two edged sword and can only be handled correctly by those with the utmost respect for it .

There're much better ways to handle it. 

Assuming she knows very little about RE, she will probably use a lawyer to handle the details of the quit claim deed. 

@Alexander Ritchie We are considering if we are long distance or out of state to find backup contact people if something needs to be handled to possible fulltime management at some point.

I'm not really worried about handling expenses on a month to month scale.

She wrote the check for 104k total, I brought the deal by always staying on top of the auctions, I handled the eviction process of the non-paying previous tenants, coordinated and managed the rehab, and will manage the rental for a 50/50 split of all cash flow and any equity earned beyond her 104k investment.

I need an 11th hour assist from my fellow BP members to be sure I am handling a tax situation correctly.The situation: I purchased an investment property in July 2017 for the purpose of renovating, creating 3 units and converting to condos for sale.

They handle many multi units.  

Most people on BP get accountants unless they can handle their situations themselves.