You would be able to decide the market rent, choose the tenant, and execute the lease agreement (depending on the specifics of the retirement structure).

They cannot do anything structural, nor any electrical or plumbing.

As someone who is merely beginning their journey in the world of real estate, I am curious, for someone who has experience, what do you believe are the foundations of a great partnership, and what is the best way to structure them? 

What's the commission structure? 

Here's a great article that addresses this from @Kim Lisa TaylorThe main benefit that I've seen folks go for by using LLCs to invest passively is the additional layer of privacy that doing so can offer, if properly structured.

But, if anything, I am trying to use this as an exercise to see if I should have even tried to get this.Assuming the building structure is good and the roof just needs to be resealed, I am just curious what your thoughts are?

I understand it depends alot on the structure of the house, but I’d appreciate estimates.I would appreciate especially any input with experience in NY. 

I'm getting a structural inspection next week but I'm pretty sure I know how it will go.

Did you get a structural engineer to check the basement walls?

My ownership structure is nowhere near as complicated as yours.