And don't be too surprised if it ends up being a little expensive, as well as with the insurance carrier that insured Beyonce's rear...

Value 1.3 MillionObvious expenses Taxes, Insurance,  allocating 12% to maintenance.

Going from $690 to $1000 may cause them to leave, which could impact you via vacancy expenses if those units aren't capable of demanding $1000.

Thank you for the advice and the new perspective of how to view expenses.

Can she transfer incremental ownership interests to her own name and report the pro-rata expenses and income on a schedule E?

All expenses including HELOC payments (principal + interest) will need to come out of the rental income on a month-to-month basis.I am aware of the recent Orlando ordinance allowing home sharing (http://www.orlandosentinel.com/news/orange/os-orla...), but will not be competing with them.Is this a good time to invest?

Depreciation expense is one of the major reason people invest in Rental.

People will come and haul these away for free, so there is no expense to you.

Also, you will need cash for certain closing costs, DD and loan costs ad many of these expense items are not 1031able. 

West loop is getting way too expensive and the westward expansion has to start moving towards EGP in my opinion.