So, for example, your step-child would not be a Disqualified Person, as long as you haven't adopted the child.

It's like your baby, your child, You must protect that business and of course, just like a real child, you want it to flourish and prosper.

Suggest you consult a local attorney now about your leases, your tenant, and your responsibility to report the compaints about potential child abuse to the appropriate authorities.  

Doing so with small child at home will certainly be a challenge.That being said - the benefits of an LLC are to limit your liability.

I grew up with limited resources that I did not take advantage of, not knowing any better because of being a child.

Tenant will not be thrilled, but it is legit that when child completes his degree, he needs a place to live.  

I operate under an exemption in NRS 645B.015 (7), which reads: "Any one natural person, or husband and wife, who provides money for investment in commercial loans secured by a lien on real property, on his or her own account, unless such a person makes a loan secured by a lien on real property using his or her own money and assigns all or a part of his or her interest in the loan to another person, other than his or her spouse or child, within 3 years after the date on which the loan is made or the deed of trust is recorded, whichever occurs later."---- The key starts with "... unless such a person makes a loan secured by a lien on real property using his or her own money AND ASSIGNS ALL OR A PART OF HIS OR HER INTEREST IN THE LOAN TO ANOTHER PERSON, OTHER THAN HIS OR HER SPOUSE OR CHILD, WITHIN 3 YEARS..."

I would write down principal, I'd ask if that included taxes, "does that include insurance", do you have an HOA, is there a second loan on the house, a HELOC or any unpaid child support liens, and then I would say, very casually "about how much will it take to bring the house current?

Don't get me wrong, performing well in school does have its benefits - not to mention building character in a child BUT I want more. 

I bought an investment home in Charlotte, NC (I live in FL) when my child was born (14 yrs ago) for $124k that is now worth $340k today.