When you do successfully close on a deal and make more money likely than a job would give you in a year your perspective might change heavily.Now many might get lucky ONCE but to duplicate those results over and over in a successful business takes skills and systems in place that you have to work day in and day out.Not everyone is a NOW seller even though you would like to buy TODAY.

There's nothing wrong with that deal, for your first that's a nice level of return, healthy challenge with renos & conversions, & not getting yourself too in over your head.If you're hiring a property management company for something that's 2-unit or less it's definitely going to be a bit more challenging from a cash flow perspective, that's just reality.  

@Mike Kalob, Coming in with the perspective of one who did my first exchange for myself in 1999 as well as a provider of them for clients over the last 19 years.   

As cliche as it may sound, this book totally changed my perspective on life.

I would be looking at this from the perspective that you already have a paying tenant.  

It tells you roughly if it is worth pursueing it from resale perspective.   

But from a passive perspective, a Syndication is tough to beat.

I'm coming here with humility to ask for your perspective because I don't have any. 

The value that I bring is that I am a real estate agent so from the sales perspective I know what buyers are looking for in a newly renovated home and can tell you what materials and paint colors to stay away from.

We have no idea whether this is a member managed or manager managed LLC and it may not matter.If there is any question about whether a deed of trust/mortgage will be valid or invalid because a spouse may or may not have an interest in the property being acquired and pledged... as the title company (in my case) or the seller, you get the spouse's ink on the DoT and erase all doubt.Not attempting to give an answer, just some perspective from the owner-financer position which is likely zero about the lady and all about protecting dollars.