IDEALLY, I'd like a software that scans MLS in real time and automatically imports and analyzes properties (using customizable assumptions) that fit my criteria while also tracking changes in property status, new listings, etc.

When you need legal advice it should be discussed openly at the meeting and a motion made to contact the lawyer.Fishing Derby Funds - a set amount (say $1000) should be left in the account from year to year as seed money.

I used to use Freshbooks, but not nearly as customizable for my rentals.

I have set about  7~8 searchs on Ziprealty, and OMG, so many new listings lately...

I'm not dead set on one option.  

Demand they set up ACH or some other automatic billing  and that only one payment is made (don't let them try and pay their share separately). 40k is a lot.

When you find a great deal, you are setting a great foundation.

I prefer to build it into the rent and then it's a business expense that's set up on autopsy. 

You can start with Rich Dad Poor Dad, The Book on Rental Property Investing, Set for Life, the ABC's of Real Estate and that will give you a good start. 

I told her I would get her set up with an agent.