Concurrently with #1, I would see if I could get an equally reliable car with a lower monthly payment than the one with the 10k remaining on the loan, or ask myself whether I even needed a second car (maybe in Texas, you do, but it's also possible to carpool, take public transit, bike, etc.)  

Now all things being equal and your goal is principal reduction then go for it.

The investments that you choose not to make are equally as critical as the investments you do make.  

Wayne Brooks Perhaps this loan has a prepayment penalty that is equal to the remainder of the total amortized amount?

We each put up an equal amount of our money to cover the down payment plus rehab costs ($50,000 each, for argument's sake), and I get a mortgage for $250,000 (my name only on the mortgage, not both of us).  

Note I will be putting the land as well as cash to equal %20 (or more if required.) in order to get good terms.Thanks in Advance!

Most tenants have the belief landlords do not take collections seriously, rightly so, and will not peruse them for payment. 

Investment property:1 unit - 15% down2-4 unit - 25% downPrimary residence:1 unit - 3.5% down FHA / 3-5% down conventional2 unit - 3.5% down FHA / 15% down conventional3-4 unit - 3.5% down FHA / 20% down conventionalOwner occupied will always have better interest rate pricing all else being equal. 

Despite popular belief there are great schools, businesses, etc. in and around Milwaukee.

The condo building is made up of 3 owners with equal shares in the association (33.33%).