The only problem is that you will now have a payment against it if you spend it (which you would on the down payment for property #2) and you will have difficulty (I think) refinancing property #1 in the future with a active HELOC on it.

Spending the money for a review up front will likely save you money in the long run.So, how do you find a lawyer?

Doesn't the deed need to be recorded before I'm fully protected in the transaction? 

They sell a couple houses for a friend or family member, make a couple commission checks, and spend those checks on personal things rather than growing their business.

If you want to protect your investment, spend the time being clear and thorough in your scope of work.

You can either use it to protect yourself, or to reassure her that she is protected.

All partners need to be adequately protected against circumstance but also just as often against each other.

Spend a few hundred bucks, and sit down with a local RE attorney. 

Louis based upon a combination of rent to home prices, job markets in the area, and places I could see myself spending considerable time.

C is less stable, a lot of government assistance or less stable employment, people home all day, some crime (uncomfortable to spend time) but not super scary.