Not that necessary if you own it outright yourself. you can pull out the cash when need be.. but with investors or partnership there should be a reserve fund sitting in the account since day 1..

The lease could say that you can only conduct the business you tell them about (e.g. lawyer, accountant, consultant, sales, etc.). 

The quitclaim deeds erroneously indicate that the heirs received unbiased counsel regarding their options (but sheer ignorance may account for their approving that statement).  

I am very meticulous about books, spend a lot of time organizing myself.

It changed my life and allowed me to quit my job as an accountant with a fortune 500 company by 2012.

As far as the PA transfer tax law, talk to a tax accountant or CPA.

I've been noticing some celebrities that buy houses and then they list them for what might be break even or a loss even after paying real estate commissions/closing costs, property taxes ,maintenance over the time they owned it.. .and that's not even taking into account the massive amounts they likely spent on renovation.

If the money in that account isn't large enough to cover the cost and the second person can pay a larger share, then pay for the repair and first person's future profits are used to pay back the extra with interest as if it was a short term bank loan.

But at the minimum, I'd make her give you a copy of all pertinent documents on the purchase and sale of each property so you be sure all monies are accounted for properly.

I've done a fair bit of reading and have learned to account for r&m, CapEx, management, vacancy, taxes, insurance, and accounting for the first year or two of building reserves.