(Negotiable based on borrower experience)- Execute Joint Venture Agreement- Profit will be split based on deal and level of experience of borrower- Agreement term is for 6 months, after which, borrower profit split is reduced to 50% and I assume management of the project.Does this sound reasonable?

Personally, I would come up with a number where I would be happy to sell, even though it will likely be much higher than she is thinking, then let her know what it is and to let you know if she's interested at that level.  

I got a little off topic but it's important to realize no matter your level of experience, mistakes can still be made. 

Be clear and realistic about your criteria, zip codes, prices, bedroom/baths, fixer upper, renter occupied, etc.  

Im pretty excited about taking the plunge on this one, and would love some insight about how to make it to this next level of larger complexes!

What level of finishes? 

All title companies have a corporate council but they are not in the trenchs and they certainly do not create ANY" documents they are at the corp level... unlike closing I do out your way were the Attorney is our version of an escrow officer.. here Senior escrow officer will know as much about transactions as a buyer or seller would need to know.. you go to the attorney when you have a claim or like your talking about if they are going to override a title issue...

Furthermore is a unenforceable clause can be limited to a level where it is legal  enforceable then it shall be so. 

Make sure that your house fits the "level" you are renting too.

We got started by buying a fixer upper and living in it.