I'll check with my real estate agent/ lawyer about the local laws.I've got an inspector coming out soon to do a swab test. 

Account Closed In MA all lawyers are considered Brokers.  

The reason LLCs were created (so I am told, I am no lawyer), is so you can have ownership and payouts at different percentages e.g.

I found a few online, but wonder if I should build my own and have a lawyer vet it to ensure it's compliant with TX laws. 

Lawyer?

You will need a lawyer to draw up the documents, but this would give her the ability to earn some money and you would not have to come up with a large down payment. 

While you may end up with money in the end the process of taking them to court and dealing with lawyers is long and time consuming.

Yes, I would look over the management agreement very closely, maybe get an opinion from a lawyer or someone very experienced with these docs. 

Just pull the last recorded deed tomorrow and have the seller deed out to you.. you can prepare your own deed I believe in TX  some states you must use a lawyer .. but we did this frequently back in the days we chased foreclosures..

His strategy sounded legitimate, he said he checked it with his CPA and lawyer, he disclosed what he was doing to the lender, and he was clear to disclose that his LLC (not himself) bought the house and sold it to his wife.