They do not search back on improvements done on the property during ownership. 

This person may be happy if all of the ownership and rental expenses are covered by the rental income and just $100 per month is left over as cashflow. 

I don't recommend getting only Absentee owners because they are getting a lot of offers to buy their property from all the other investors.There are some owner-occupied segments with people who share motivating factors for selling their home.Seniors with Long-time Ownership: often ready to downsize or transition to assistance.Homeowners with Low Financial Stability Scores (FSS): Struggling financially and likely ready to cash in on their asset.Both these categories have additional advantages in that they probably don’t haven’t been updated and may have deferred maintenance.

Is it possible to sell the ownership in the LLC, instead of selling the property itself?

Soon I will be closing on a 0% down, 0% fee, one year interest only LOC to take ownership :)See you all after tax season.

If they allow open subletting after a certain period of ownership that might indicate they're on the more liberal side. 

For a "conforming" (fannie mae or freddy mac backed) loan, there is a 6 month minimum ownership requirement.

As @Jason D said, ownership - cash or financed - enables the value add, but leases do not.If you'd like the numbers run for your property, it's what I do.Cheers, Andy

We have no ownership to the other 3/4 of the property, therefore no leases with anyone there except for our tenant living in our 1/4. 

Ownership will almost always be better than leasing again depending on your goals.