The name of the game for banks and lenders, unless they're servicing the loan, is to do a loan that can be guaranteed against default (Fannie Mae or Freddie Mac) or do a loan they can get rid of to the eventual servicer at a profit. 

And he sells to you at a higher price but it doesn't matter because his profit is tax free.  

I’m only taking half of the profits, but I’m also paying for half the deal, working half the time, and have the benefit of added motivation to meet my commitments to both my partner and the business.  

- If so when/how can you earn a better split-Some people prefer larger brokerages with recognizable branding while others like myself prefer a smaller boutique feel-Which areas do you plan to work?

Lots of people with druggie / alcoholic kids give their estate to a non-profit or put restrictions on the person inheriting.And him not wanting the 'family' to know means that there may be restrictions to him inheriting, otherwise why would the 'family' care? 

I just don't know realistically what the benefits would be on a relatively small portfolio or if my wife could manage it until it grows larger.2. 

Your HOA is a non profit or an LLC.

Its a scary choice but I think if I start off with something on the lower price scale it wouldnt be a huge risk, besides the possibility of larger repairs earlier maybe.

It seems like the ones I’m finding are geared (and priced) for larger companies.

-----------------------As you can see above Option 1 had an amount of labor that would be logistically impossible to devote to every client & still remain profitable given the amount of money a client pays to the Property Manager every month.