I’ve been listening to the bigger pockets podcast, reading loads of different articles, and have been attending a small local meetup for investing.

@Jason Behrens How big in terms of square footage and bedrooms are the units you want to convert to electric heat and can your current electrical system in the home handle the added load of electric as the heat source.

You have to accept a much lower ADR and operating expenses are higher (heat) though.

The "70% Rule" suggests that you shouldn't be paying any more than $155k (less closing and operational costs).

I don’t believe the digital wall mounted controller is operated by batteries.

LLC interest if thats what your doing can have uneven distributions.. thats why we use themso you can own 81% of the LLC and spread the ownership to the others as you see fit.in your operating agreement you spell out how proceeds profits and loss are to be allocated. 

He had recently purchased the company and it appeared that this was his first time running operations (should have asked more questions here).

Purchased from the developer with plans to capitalize on significant operational efficiencies due to owning the property next door.

Another idea is to execute an addendum to the LLC operating agreement to lower Marilyn's membership percentage in the LLC and increase my and my spouse's percentage so our funds can stay in the LLC.

Since you asked, NOI = Net Operating Income: the income remaining after all expenses are paid (excluding CapEx and debt service).