In particular, if there was a preferred return and let's say the investor put in $400k, got $300k back via preferred return so far and an additional $150k back as share of remaining cash flow over the years (so he actually got $450k back in aggregate), and there is a profit when the asset is sold, would you first give the investor $100k (the remaining portion of his capital not paid via preferred return) before splitting the rest of the sale profits according to what was agreed, or would you consider that the capital was already returned (as he got a combined $450k), and proceed directly to splitting the proceeds of the sale?

Along with that, she believes that the manager's friends/family occupied a good portion of the rental portfolio, because they all vacated after he passed.  

I don't think you can do a lease option greater than 3 years and you would be a tenant those 3 years with a portion of that money going towards the agreed upon purchase price (which would need to be at least the amount the seller owes).  

We have recently added wording explicitly identifying that short-term re-renting of any portion of the premises under AirBnB or similar VRBO/rental service is a form of sublet and requires our written consent.  

Check the HVAC and Heat systems and if they need to be cleaned you need to calculate the amount based off the last time it was cleaned to determine tenant's portion of the bill.

The banner blocks a good portion of the article that I am trying to read and is very annoying. 

For a few tenants where the water bill is part of the overall utility bill I provide them with the water portion so they can see I am not making up charges, if they ask. 

Should this interest be figured in my expenses before we split profits or should the loan interest be paid out of her portion of the profits?

Having a license just makes everything easier...You can get a real estate broker's license in a state that doesn't have a residency requirement like California...http://www.dre.ca.gov/Examinees/OutOfState.htmlYou can then take the State only exam portion of the Broker's exam and be licensed in two states.

That is a seller credit/concession, along with any deposit but remember to have that money on hand as it isn't yours but it's still a credit.You'll get the prorated portion of taxes for the year.