@Corine Haener, there are several options you can exercise when structuring the entity that will provide some assurance to the other partners. 

Easier said than done, I know, but I've been there and I can assure you it gets easier as you do it more often.

I suggested she find a friend or family member to live with until she gets back on her feet and she assured me that she was looking for an option.April 22nd: Summons and Complaint served and filed with courthouse.

If you are looking for extra assurances then verify you are not the first customer from your state and you will know they also have experience in your state.Either way, lawyer or CPA, get a referral and don't just google it.

So what do they do - they offer a nice incentives of first month rent at 50% to attract more potential tenants and fill in the empty rentals just to realize that they are loosing money even faster than before.This scenario may seem a bit far fetched to you but I assure you it is real.

And I can assure you that I don't bear any resemblance to a "sketchy slum lord types that were likely engaging in less then legal LL activities".  

To set-up for payment processing on your own and pass PCI and/or ACH requirements can be expensive (development, audit and assurance) and, as @Jimmy Moncrief warned, the liability is almost certain to outweigh the benefit of brand control.For a small operation, I would recommend you find a storefront hosting provider or payment gateway and simply throw the session to it from your website.

Again, if you have never had a bad experience with police then that is awesome, but I assure you many of us out there have had very bad experiences with law enforcement in many situations and circumstances. 

She assures me her father would pay $600 leaving them to pay the remaining balance (I'm asking $950 for rent plus $25/per pet/per month) They have 2 pets so rent comes out to $1K/month. 

My  home was built in 1927 and I can absolutely assure you that it is an "A plus" neighborhood!