One thing not mentioned here is I would look big picture and figure out the returns you plan to generate and whether that would make sense for you and other investors to tag team a SF rental.... 

If you don't hold up your end then they would be able to take the property back.If they still have a mortgage and you don't have the $$ to purchase or get a traditional loan then I would HIGHLY recommend that you sign a 1 yr lease with the family member which would guarantee them an amount every month regardless of the income generated and the balance is your profit. 

As a general rule of thumb you'd want your house to be situated in or very near highly trafficy area to generate interest and for an easier access for your workers and family members of your tenants. 

A non-refundable fee is a good income generator for you but it's more likely to cause problems.

If we sell that same property in 30 years but on the 30-year, 3.125% rate we make a total profit of $497,000. 30 years down the road and $38k richer via method A but the Coc at the top of the report is only 4.27%(our report) for this one opposed to 10.97%(the one you can't see) Coc return for option B.Let's look at one more metric that stuck out to me, that is CoC return for year 30. the 15 year/2.5 loan(the report) at year 30 generates us with a 41% Coc return, which seems like an astounding number to me even though I probably couldn't fully explain what is happening.

It takes 5 gallons of water to generate an amount equivalent to a gallon of gas.

Using a random $25/SF is a HORRIBLE idea and will quickly get you a bad reputation.

Another thing I would definitely ask about is what kind of training/support the team offers in terms of marketing, lead generation, and overall practice as a realtor.

Further, I believe that every good investment location/property must meet three criteria:Sustained profitability - The property must generate a positive cash flow today and into the foreseeable future.Currently and likely to continue appreciating for the foreseeable future at or above the rate of inflation.In a location where you can make money and you control your property as opposed to the government dictating what you can do.The right properties in Las Vegas meet the above criteria very well.

Your rental activity is reported on it. 1065 will generate two k-1s that will report each share of net income/loss.