If you're not putting anything in, then I'd expect that your friend would want to get all of their capital back before you start splitting up the distributions.

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"?

I never looked back and I love my life.  

We are looking at purchasing a few homes this way and renting them back to that companies employees, and keeping one or two for airbnbs.

Getting the rate back down to remove the incresed portion from the cash out refiance. 

So the places we all encounter that don't even have a wheelchair ramp at the entrance (at the appropriate incline, etc), even though it would be relatively easy to put in, aren't compliant (envision a storefront set back 10 feet from the sidewalk).

IRS 590 also explains this.5) When you receive a distribution or otherwise get paid back, never take personal control of the money.

With a push to bring more manufacturing back to the U.S. and more employees returning to office work, there will be a greater need for mass transit solutions rather than building more roads lowering the quality of living if you want that SFH with a yard.

Definitely a chunk of change I don't want to pay, but having my cash back out to do another deal might be worth it... 

I’ve been bouncing back and forth between markets like Chattanooga with higher appreciation, and markets like Birmingham with more cash flow.