Not sure what the rule is here for recommending lenders. 

I would check with the 1031 exchange about the rules.

Eventually, if successful profits will be used to continue to purchase additional properties with the same arrangement.Are you saying with this structure we would be considered a "Syndication" and would need to abide by SEC rules?

If she doesn't get her certification and decides to break the lease courts could rule you rented the property under false pretenses,and decide she won't have to pay any fees for breaking it.

Is there a different rule of thumb for running comps in a rural area or smaller city?

Okay, I've copied text from a landlord law book, and I have annotated each of my property manager's infractions against the rules set out below. 

Of course there are exceptions to every rule but instead check out the nearby communities of Belton, Independence and Grandview.

I don't have a particular property in mind, hoping for a 'rule of thumb,' so to speak, that I could apply to future properties. 

In general, I would suggest repairing the rented unit when it is rented now because once you move in to renovate, yes the improvements are added to the basis, but repairs are not ( there is one exception) Although there is a rule that when you are improving the personal residence and there are minor repairs done with the improvements, those repairs can be added to the basis, but you would benefit more doing the repair now while it is rented to get a tax deduction right away rather than adding to the basis. 

Long story short, I have a client who needs to support parents, and they can do some small "administrative tasks" in his business.