Probably better to have an LLC that appoints you as a manager if she is worried about you draining her bank accounts.

I recommend adding sewer and drain back up.

Prepayment of this mortgage after ten years would reduce the total interest payout by at least 50%.Without the burden of a mortgage, the improved cash flow can be a motivating factor to pay early.Disadvantages:Paying off a mortgage balance can drain a savings or investment account and require starting over to rebuild them.Financial advisors explain that lost opportunity costs represent the potential benefits an individual can miss by paying off a mortgage early.

Its amazing how much it helps saving... tenant now think 2 x if he is going to call or do himself ( before i even had tenant calling to clean a clog drain on tube).

They don't want to worry about all the things a property owner has to deal with and as a landlord we don't want our tenants to worry about being blames because a drain clogs.

That's an additional level of unpredictability/time drain to factor.All of that said, have you looked into out-of-state turnkeys?

That will be another drain of your time and energy that will hijack your REI efforts.   

The idea is that this will allow me to stabilize the property in year 1 without draining all monthly cash flow.Complication:The owner is interested in doing this, but there is a hitch.

Also, the maintenance on older homes can be a drain so just keep that in mind too. 

In the last 20 months I have built a new bigger and better 24' x 26' x 9' garage, blown in insulation, new windows (same company I see for my rentals the upgraded model), new siding and paint, wrap around deck, new driveway, drain tile and sump pump,  added a basement bathroom and finished the basement.