With a HELOC, the historical first mortgage stays in place, and a second mortgage is recorded to the property. 

Organize receipts as you go.

Do a inspection, record the condition and if there is damage go after her.Since you are having her sign a new lease I assume she is now on M2M.

I looked up the property in the county records and it's owned by the owner's living trust, and the last tax paid was year 2002. 

Think banks look at numbers first, before any track record.

You have to first work to organize and position your scenario for the path you are taking, get it redundantly clear as tho the role of who or what you are hiring.

Thank you,  I have the additional information from a realtor, for example transfer taxes, recording tax , etc.. 

Additionally, if investing is something they are interested in, it is likely not going to be in note investing or real estate because their likely method of investment is retirement/401k.So, on one occasion, before I even considered seller financing as a viable option, I researched to see who the seller was via public records and whether they owned multiple properties.

Everytime you spend money for each property, you can designate for which property it is so you can record it in your accounting software.The PM company also receives the rents.This simplies the banking and accounting but at the same time, each property is in its own LLC for asset protection purposes.

They have done about 5-6 such offerings in past couple of years. so there is some track record not much..