@Noah Laker Your client should sell the property under her sole ownership without adding the ex-partner to the title, as this could trigger gift tax implications and complicate the process.

We all know those that get on BP that are LPS and now own 5000 units or Co GP with no real ownership etc.. so those are legit questions to bad OP got so defensive and did not just answer the questions. 

Be aware that 5 levels of membership can create divisions within the ownership group because the same investment at any point in time can behave differently for each class of investor, so motivations may not be aligned. 

Its a very poor situation for the original owner to be on the mortgage for years and years without the benefits of ownership and the control.  

   ;  )Kudos to you for wanting home ownership for him, though. 

All else being equal, lower mortgage rates reduce the cost of ownership and, thereby, allow more people to afford to buy.

The relatives are vacating. only 1 tenant wants to stay through ownership change.

If so, am I allowed to live on the property within the first 2 years of ownership?

You reference taking out a HELOC and those are generally provided when the property is in your personal name, which I don't recommend for investment properties.Overall, it sounds as if you're tired of dealing with "long distance" ownership.

The property when it was built in 1980 was an A property but as time, and ownership changed it has gradually gone down the scale.