Yes I know it's an old show, but it's a classic!

Classic house hack. 

@Brett Wagner - Seems to the classic Mom and Pop operator. 

In my area...Exceptions are not guaranteed and you have to re-apply every yearMany families don't want to transition peer groups from elem to middle to HSCharter school lotteries only admit a small %Private school tuition is expensiveEven if you choose private school, it's wise to have a good backup public school if you have to make a changeOnly a small fraction of families home school or hybrid with a classical curriculumPeer group matters too1st thing I analyze is demographics and schools, particularly when vetting out of state investments.

This, to my albeit un-tuned ears, sounds like madness, and a classic example of building your proverbial house on the sand, but I could very well be wrong.

They could do the classic "shove everything to the middle", and I'd throw plastic over it, but it's more work for both them and me.Question: Is this a reasonable thing to offer at this time? 

This could work as a classic BRRRR, where you refi and pull out cash that way.

I currently have my "extra" money wrapped up in a classic car restoration that will be worth $40k-$60k when finished.

Unless you think your likely buyer will be a landlord.That said, for a 3-year turn, I would style anything you do as classic as possible.

If your plan involves taking you below that threshold, then it is not sound, and should not even be considered.As an example to others considering partnerships: this is a classic example of the problem with poorly structured partnerships.