For her the best bet might be to form her own LLC and have the two llcs take the property has tenants in common.

Common real estate statistics like median home price, Average Days on Market, annual change in home value, # sales, # listings, etc.Which statistics can provide clues to how much inventory of distressed (off-market) deals there will be? 

You accountant should know how much equity you have in the property and can help guide you but you can do the following:1)  Sell and do a 1031 exchange to delay any gains tax.2)  Sell on land contract to an owner occupant- they would be responsible for maintenance (Maybe include a home warranty with the sale) and you no longer have to pay a property manager. 

As for my thought @Jordan Hamilton the South Florida market on a whole is probably getting near the seventh inning stretch to reference baseball.I only hold SFR and that is my thought, I hear the multi-family game has been fully priced for some time now.In the end, if one is buying to hold long-term and generate monthly cash flow then as long as the numbers work and it cash flows positive it might now matter as much.Be sure to work those numbers though: vacancies, maintenance, etc. 

Thank you everyone for your replies - it all sounds like solid advice:I understand to the professional real-estate investor this might sound like a nauseatingly safe strategy but I am a novice and admittedly would like to play safe while I learn the ins-and-outs of the industry, being a landlord, maintenance, renovation, regulations etc...

Here in Canada, both commercial and residential mortgage have terms less than 10yrs ... the most common being 5-years, so "balloons" and renewals are the norm.As Omar indicated your primary concern should be running your business as efficiently as you can and maximizing the revenue stream.    

How to find quality contractors and maintenance workers?

Up until now I've been able to get my guys in for repairs, maintenance and cleaning (many times I do these things myself).

Student Rental (4BR/1Ba) - $90,000 List PriceOffer: $80,000 purchase price, 3% seller paid closing costs, 20% conventional financingCash Outlay: $20,000 ($16,000 down payment, $4,000 rehab)Rent: $1,240/mth Mortgage Payment (P&I): $344/mth ($64,000 @ 5% interest, 30 year am)Taxes: $133/mthInsurance: $150/mth Vacancy: $112/mth (9% - playing this conservatively)Maintenance: $75/mthCapEx: $125/mthManagement: $149/mth (~12% rents collected, conservatively assuming full occupancy)Utilities: N/A (covered by tenants)I like this deal for a couple of reasons.

Remember that students are typically tougher on a property than other tenant groups and you need to factor that into your capex/maintenance budget.