Deduct out the owner benefit, depreciation etc...

They also won't allow you to list on other sites if you are listed with them. 

@Emily Wolters buy a 2-4 unit to live in and rent the rest, via FHA 203(k) mortgage, which has 3.5% investment and  allows financing of repairs.

This will allow you to earn some income while learning.

Your loan probably technically doesn't allow this because there is a "due on sale clause" but I have never heard of a loan being called as long as it's being paid My advice to you would be to screen potential property managers, read reviews then set it up to be managed by them. 

Hey All,I am seeking advice on the proper way to charge back my borrower on a seller finance deal in which the borrower has allowed the insurance to lapse.

You are not allowed to collect rent without the proper licenses. 

Cash offers lower costs and control but limits diversification and potential returns while financing allows you to scale faster with more properties, but increases complexity and risk.

. :)Also, this is not a "conversion" - you only need to move the funds to a custodian who allows using their funds as self-directed.

Without seeing the other deductions your family member has, it is hard to determine what split would be more advantageous.