So instead of getting it as a liability I got it as an asset.

That frees you up to make your decision about whether to create a checkbook control scenario or not based on risk tolerance, potential liability, etc.

Homeowners Insurance covers the Building, Contents, Additional structures, Liability, etc. but not the land.  

This is rare.2) Whether you have the income coming in through an LLC or to you personally generally does not have tax implications (assuming the LLC is structured as a partnership or a sole-member), that is primarily for legal liability considerations.

I don’t want to give this to her on a silver platter, so property management will be a mandatory trade for fueling her dreams but at least she will understand this option and see how assets and liabilities work.I am posting this here so feel free to add your two cents.

It’s still illegal.....you must don’t have the liability of a tenant dying in a fire in it.

BUT, being a professional might also change your tax structure and liability.

It is what you cannot see....that is where you want to reduce any liabilities.

It says this:THIS RESIDENTIAL LEASE AND OPTION TO PURCHASE AGREEMENT (hereinafter the "Lease option") made and entered into on ______by and between________(hereinafter referred to as "buyer"), and__________and/or his Arizona limited liability company with a principal address at ___________________(hereinafter referred to as "seller') landlord leases to tenant that certain dwelling house located at ______________(herein after the property,) togheter with with all appurtenances for a period of ________months to commence on _____and to end on_____at 12:00 midnight.Can you fill that out?

I would always recommend doing a 1st position Heloc if you do own a property already that you can leverage since you are buying an asset vs. liability.