The client can then decide whether they wish to keep the property inside the entity or arrange to have legal title conveyed (transferred) out to them via deed.  

When you start asking the landlord to cover expenses and split profits it’s really a property management arrangement as opposed to arbitrage.

Are there any verbal agreements or arrangements between the current Landlord and Tenant?

Could we just do a regular seller finance arrangement, and she continues to pay down her equity loan, building in a small arbitrage play for her?

ALL sales are absolute.. with some having a right of redemption ( which is rare as hens teeth).Checking Title can be the biggest stumbling block for a one off bidder.. the bigger players will have arrangements made with title company or I suspect bigger law firm in that area.. to run Title on ALL properties that come to bid..

Also, on another website I asked for links to you tube tutorials or blogs or anything that helps a newbie learn how to arrange the tracking of the income/output. 

@Brett PalmerI have been a private lender and use private lending to fund my BRRRR acquisitions.Not difficult to arrange.  

It sounds like you may meet the first requirement-being able to show that your current living arrangements no longer work for your family. 

I’m not sure where to look though because our lender is arranging the appraisal.

You can arrange a strategic agreement to utilize the MLS and get some extra assistance for the same price or less.