We talked to a CPA and they suggested filing an operating agreement, since her name is on the LLC and making her only a small percentage of an owner for the LLC to keep her income down, so her student loan payments do not increase. 

My Bank updates me QUARTERLY, which I deem sufficient for most scenarios.I agree with @Christopher Brainard, things like fixed or variable interest rate, and whether payments are interest-only, or interest-FREE, or uses the NORMAL (in this case 10 year) amortization formula (see link below), SHOULD be in the original Contract.https://en.wikipedia.org/wiki/Amortization_calcula...Regardless of all that, you (and everyone else) are always OBLIGED to provide a receipt for ANY goods or services upon payment - if requested!

With lower priced homes, you're looking at the percentages and hoping it works out. 

My ownership percentage (my Capital percentage) is about 25%.

We're in the process of working out who will get what percentage ownership between us, etc., and that's a question for another day.My main question is whether or not my sister-in-law should have her name put on the title of the property?

Also, yes, PMs charge much more as a percentage for sfh than they do for multifamily and, the really good ones don't do sfh.

Incidentally we also throw in a clause that diminishes the rehab price by a certain percentage for each week that they go past the agreed to finish date.So what is the big deal.

This is a fixed rate (or variable) program which allows 3% down.

For example the downpayment will either be an extra 5 percentage points and/or an extra 25-75bp+ on the rate with non-recourse.

In Montana, we have to put a certain percentage down to avoid mortgage insurance.