Lastly, there are a lot of costs to being an agent (MLS dues, local board due, NAR dues, continuing education, desk fees, office fees, etc) which adds up.

Just gotta decide if this is something you are really interested in and if so, continue to do your homework, and don't be afraid to ask questions here.

First you need to understand that you are operating a business and people like her in her situation often try to run the pity scam to take advantage.

Best of luck to you as you continue your investing career. 

Things like operating agreements, dealing with ownership in a mortgage, and even how you sign your name are the kinds of things that make or break an LLC in the courts. 

The operating agreement hasn't been completed yet, I could lower my percentage.

Thank you Ayodeji I certainly do read and listen to as much as I can on all topics related to investing, real estate, negotiations, self improvement... and continue to learn every day!

I would recommend just continuing with your business as you otherwise would, and when you have a couple new deals that those buyers might be interested in, offer it up to them first.But:- I wouldn't look for deals they specifically want, unless they are deals you'd be willing to do otherwise;- I wouldn't customize a house for them unless they were willing to put a large enough deposit down that it would cover having to remove all of their customizations should they not follow through on the purchase;- I would pre-qualify them as you would any other buyer, and not give them any preferential treatment.In other words, go into the deal assuming the worst case -- they will ask you to do a lot of customizations and then back out of the deal. 

We didn't know what we were getting into at the time, and now find ourselves having to complete a Management Improvement and Operating (MIO) Plan..

The LLC would then in it's operating agreement assign the equity to the various parties to the deal.