Due to his lack of communication ability he has to work through third parties such as myself to obtain this critically needed information.

If  you are in the 20% range, you are better off going to the casino and putting all of your money on black and seeing what happnes.Since you are out of the area properly calculating cash on cash returns can be difficult because you have variable expenses to calculate. 

The rough part is this might be a January rental.

Infact, I personally dont like the model where the property needs to be exited in 4-6 years to be able to realize PnL for all parties involved.

For it to work for both parties you will have to do a little more hand holding and one on  one involvement than you would for a normal rental.  

The hard part is finding the great deals and negotiating the price.  

Mesquite is strict on code enforcement not allowing more than 4 unrelated parties to rent the same unit. 

@Alexander F PollockYou may lose a tax benefit of a stepped up basis for capital gains purposes transerring interest away from her parents.Also consider conducting a judgment searches on all parties to the transaction to confirm there will be no title problems for would come up when the LLC sells in the future because you will not have title insurance to cover prior owner issues.

The area has a lot of rentals so getting one should be pretty easy as is a handy person to handle quick repairs.IMHO the toughest part is done.

One thing you might want to consider is partnering with microsoft and adding a third party app to their office 365 suite of products as they have an accounting arm and many other applications already in play that you could add on just for property management and it would work on their system to integrate everything.