At that point you have a general partnership and 1065 obligation.If you're doing that, it may be advantageous to take it one step further, form an LLC and write your mother into the operating agreement as the functional equivalent of a limited partner. 

What's the main limiting factor for comps?

She mentioned they have a $200 Withdrawal (Draw?) 

@Corey DuttonI think this piece from Fortune outlines the challenges many individual investors expected they would have with these properties: http://fortune.com/2015/09/25/housing-wall-street-investment/It would be nice if these units flowed back into the limited inventory market we're seeing.

I believe your strategy will limit the markets you may want to enter.     

My hands on experience is limited to house management while going through undergrad and grad school.

Yes, I'm still seeing recording take up to 90 days in some locations...in others it's only a week or two...The three MLS systems that I'm a member of all have requirements that property status information must be updated in the system within a day or two -- if you close on a sale and don't update the MLS listing within a day or two (specific time limit varies based on MLS), you will get fined.I don't know any agents who ever even check on the recordation status of their properties -- the closing agents generally just tell the buyers, "If you don't get a stamped deed back from the county within a couple months, let us know..."

The loan was limited to 50k and no more than 50 percent of the balance of my 401 could be borrowed.

Look to banks minimum loan amounts, if you go below $67,000 a buyer begins needing to pay more in cash and that limits your market, it's less marketable the lower you go. 

would there be any changes during this process from FULL authority to LIMITED?