Motivated sellers know you're there to help but also need the deal to make sense.

I just finished reading Rich Dad Poor Dad, and I’m more motivated than an ever to make my first purchase.

What are the benefits - and pains - of landlords renting out a property individually by room (not as Airbnb)?

Yes, when you prevail, you may recover your fees...but the other party knows it's a long, expensive road to that point and figures sooner or later, no individual can outlast them.

I am here to connect with other like-minded individuals and build relationships. 

You can search for the maps and check each property individually.

You have nothing to gain here and a LOT to lose you should be very suspicious, of both her motive and ineptitude.

Big banks also don't have as wide of a range of loan products available, so it's common that they don't have suitable products for self-employed borrowers.So back to your question, better ideas on financing options....

Either myself or any investor from the LLC will get paid at market rates for doing any work at the property (management, paint, repairs, etc) and we will be paid as an individual, so yes 1099 would be appropriate.

But there are the bp calculators to help look at everything in detail.Flip basics is using the MAO forumal ARV*70 - repairs = 110k.From here you need to see how motivated the seller is.