If she lives rent-free, you retain control of the property but lose the ability to claim rental-related deductions.For long-term planning, consult a CPA and attorney to ensure compliance with tax rules and align ownership structure with your goals, including potential conversion to a rental or estate planning considerations.

TY You have a few different options, but a cashout refi on the free and clear property is probably simplest. 

Feel free to reach out if you have any questions about Birmingham.

Side benefits or PM besides free time.

Airbnb gives you the best bet at getting both. 

Thanks for readingDavid $250,000 tax-free?

This means that if you pay off the loan too early, then you'll pay a 1-5% fee off the loan amount. paying off the loan early means you either refinance or you sell the property, both would trigger a prepayment penalty to the lender. that being said, you can choose your prepay options, 5yr usually giving you a better interest rate by like a 0.25%, 3yr being most common and standard, and a 0,1,2 yr where you can buy down the prepay to be less years. meaning you pay 1% upfront of the loan amount to get a 1yr prepayment penalty so you're free to sell the property or refi after 1yr. 

Wishing you the best on your journey, and feel free to reach out if you have questions along the way—this community has a wealth of knowledge!

Wishing you the best and feel free to reach out anytime.

Feel free to PM me.