Appraisers are on the side of protecting the bank but are supposed to render honest and fair opinions.

I don't believe that I'm getting any extra liability protection by doing so, and I'm not sure that you can transfer an agent's license into an LLC (in Ohio), anyway.What would someone buy if they were buying your LLC that had your personal real estate license in it?  

Expertise demands a premium.If you're both the same skill level, then yes your reasoning makes sense.

You should do this for two reasons. 1) it protects you in a discrimination case and 2) it protects you from making bad decisions when you are feeling pressed to fill a vacancy.

The 20 year amortization period gives you a lower payment while the five year balloon protects the lender from having their money tied up at a low rate.Finding a new lender is key. 

Marc,  Our lease states we cans show the property during the notice interval, and access by the landlord is authorized for showings and inspections.The first step is to visit the property to "preview" it for the marketing, and you can note any big issues that may delay occupancy, and even stress to the residents what they could be docked for.I always tell the residents to protect their valuables because its hard to track other people's children during showings, and the more they cooperate and the faster the house leases, the less time they have to tolerate showings.I've had perfect houses occupied the next day.I've had disasters that need  six weeks to prepare.With this effort and a mid-lease maintenance inspection, there are fewer surprises.

That being said how would I structure this deal while best protecting myself?

I'd advocate both an umbrella policy (to protect the assets within the LLC) and an LLC (to protect your assets), and I agree that chunking is the best way to go (typically up to five SFR).

She wants to do this as a partnership since in her previous relationship she has been screwed with some money, so in case we decide to go separate ways, we both would be protected. 

Hate speech when perceived as a threat to quiet enjoyment, not to mention safety, isn't protected by free speech.