While she's anxious to get rid of the property, she prefers to stay and rent the side she currently lives in until the end of the school year next Spring.  

No modification is needed to the operating agreement and as long as you are calling for capital pro-rata from the investors their ownership percentages stay the same relative to one another.Having explained all that, if it were me I wouldn't do it. 

@Lana Lee, I tend to stay away from 1 bed units as well, unless it's too good to turn down.

A) Gated community, Mcmansions, Doctors, Lawyers live here B) Neighborhood where I am comfortable living, upper middle to middle class.

Way to stay positive!

I don't spend much time 'driving for dollars', as I have found that I don't stay focused.

Tenants' interests, comfort and safety will be paramount. 

I want to learn Real Estate to fix abandon properties and turn it into a house where a family can't actually live comfortably.

I would for sure stay clear of the stock market.

I paid $2000 over asking because I knew it was a great deal, wouldn't stay on the market long, and wanted to make sure I got the property.