Well even if the rent is equal to the mortgage, you'll still be in the negative after repairs, CapEx, vacancy, etc.Why would you specifically be thinking of investing at a negative cash flow?

Who is to say my dollar equals how many equity shares?

There's an equal chance they stay here and even a shot they go higher. 

Chances are this is NO deal property as the X will want their fair share and a fair market appraisal will need to be done and the equity split equally.   

Since the original mortgage stays in place, you only need to ensure the reinvestment equals or exceeds the proceeds.

You don't have to split it up equally in between purchases. 

Many different partners equals many chances for litigation. 

If I have a problem with my newspaper delivery or something equally non-critical, I'd like an answer or fix  now, but if it's later today or tomorrow, not a big deal. 

I do want liquidity to invest elsewhere which is why I'd like the cash back from the reno ASAP, but I don't need liquidity equal to the value of the house--just the basement build-out, if possible.With option #3--how do you "cash out immediately"?

$ 200k in financing that is paid off from my "W2" in equal monthly payments for the next 5 years.