Ideally you would get this underwritten using projections, assuming it debt covers, so you know up front that the DSCR wont be an issue and you won't get re-traded on the loan terms mid-process. 

Very orginized, and I deal with one of the owners directly on all issues.

Because they're on a fixed income a duplex would be ideal so it could generate some of the funds to cover the mortgage.  

I'm getting images of flop houses from the movie Taxi Driver.

I bought an old closed movie theater in the downtown area with lots of free on-street parking.

Second question, is there an ideal structure for taxation reasons?

I just don't see the point in sending them Christmas cards, movie passes, gift cards, etc. for doing what they agreed to do; pay the rent and keep the place in decent shape.

(That's how I understood your post, at least) If that's the case, I think you should definitely get your own buyers agent, and one who has worked with investors- ideally, one that owns investment properties themselves!

There is some concern in the legal industry, I deal with hedge funds, that the series LLC concept is still untested in the court system.

Ideally, others could contribute to pages for their neighborhoods, and a homepage would showcase a sampling of what's on the neighborhood pages.I live and some own rentals in the NW area of Philadelphia (in W.