She will be transitioning full time into a "real estate professional" for tax purposes.

To add another twist to this, it seems that Real Estate Licensees get special consideration as rental activities including acquisition, sale, and management of those rental properties may be considered NON PASSIVE (active) due to the professional occupation. -- I am a real estate broker.

For the out of state, non professional newbie, turn key can be a far less risker proposition than finding and renovating a property remotely when they don't have to time, resources, experience and connections it takes to do it.

Keep in mind the market will cool, when it does you want to be as well positioned professionally as possible.

I am a stickler on professionalism to keep our business as investors (wholesalers, flippers, landlords, etc) having a good reputation or else we will end up where homeowners will run like we are the plague when they see us coming, which many already do.  

The big players definitely BRRRR...they just do it on a 250 unit community and have professional management handle it rather than doing it on 250 individual homes. 

Yesterday he went to inspect the repairs and they were not completed or were done by an unlicensed professional.

Great being able to connect with other Real Estate Professionals within my greater Tampa Bay Area, and also around the country!

The authority of a tax professional would be valued over a real estate agent like myself. 

Most likely you can form the LLC after getting the property under contract, but again, consult your professionals in that area (realtor, attorney, lender).