Selling half a house to a significant other

[Eric C.]

Here is the situation.  My 4 yr girlfriend and I are moving back to an area where I own a house outright.  It is currently rented, and my intent if I kept it as a rental was to cash out the equity as it is worth about 150k.  We used to live there together several years ago.  She wants us to either buy a place together, or let her buy half the rental house and we live in it.  I thought about the idea of quit claiming her on deed and then letting her get a cash out refi as an owner occupant for her half which she would just give me.  Is that a feasible way to do the transaction?