This is your time to shine (sorry, meant control the asset, tenant screening process, and potentially doing a light rehab lol). 

The asset is being managed by another.

Part of my vision is to mentor her and help her make money from owning assets. 

Your LLC can be taxed as a sole proprietor and for the LLC to do as intended ("Limit" your "Liability") you must completely separate personal and business expenses, credit card, bank accounts etc etc and obtaining bank financing may be impacted.

We do have small, industry standard, fees (acquisition, asset mngt, & possibly a capital transaction) built in for qualifying for the loan, having the track record, managing the business, finding the opportunity, etc...Again I think it depends on how YOU feel about the terms & your relationship with your partner.I hope this helps!

Unless each obtains a real estate license, they cannot take the job unless they will be supervised by a licensed broker or real estate sales person. 

That also depends on if you're even talking about real estate as an asset class. 

I'd like to allow a reasonable time frame for renter/buyer to repair credit, but I'm not looking to be locked into a looooong term commitment.For those that do not/cannot obtain financing after x number of years, what options (if any) do you typically offer?

REPLACE MISSING FLOOR COVERING”The floor is missing throughout the entire house, so how does this normally work when obtaining a loan, if someone can please break it down for me.

But this does not help with taxes.https://www.irs.gov/businesses/small-businesses-se...The other side of the coin is that if your parents go into an old person home some people strategically dispose of all their assets so they become a warden of the State.