I’m currently grappling with which path / options to take and would love all your thoughts – below I have outlined some context of my situation and options.Context:- Currently own 2 properties – my SFH (which I don’t want to move out of) and a condo that is rented (currently to family members which makes it easier)- Have 150k cash + 150k available from a HELOC at 3.75% -- have more available but this is all I want to allocate to REI right now (I say this so you know I’m not being super stretched investing the 300k)- I’m open to investing locally or remotely within the US – we live on the WC approx. 3hrs from SF- My wife and I work demanding 9-5 jobs – we are open and willing to spend material time on this but cannot make it our full-time roles for at least a couple more yearsOptions – I have outlined these in my perceived level of difficulty, would also love you thoughts on that 1.

He can break the lease whenever, the key is what are the consequences of him doing so as outlined in the lease? 

The partnership agreement with OPM (Other People's Money) should outline detailed explanations of your separate roles.

These are all great points, and I appreciate you taking the time to outline them.

Do your bi-laws explicitly outline who owns what and who's insurances start where?

Pretend you are a lender - actually spend $400 and order an appraisal that has current value and professional (non-biased) opinion on after repair value based on the rehab you have outlined.

Ask the lender and they will outline the reserves and vacancy for you. 

UNAUTHORIZED OCCUPANTS: You shall not allow any person to use or occupy the Premises beyond the limits outlined under Paragraph 6 without first obtaining our written consent to such use.

I am calling myself out for not having my vision clear and my goals outlined.

My guess is that is contrary to the goals you outlined as to how you want to grow ur business.