The podcasts have been instrumental in my own real estate endeavor.

@Damian S. the deed and the mortgage are two separate instruments.

Def use an attorney especially once you go to close so everyone signs of on agreed upon terms when the security instrument is drafted.  

A convertible debenture is an example of such an instrument.

A remainder in property law of the United Kingdom and the United States is a future interest given to a person (who is referred to as the transferee or remainderman) that is capable of becoming possessory upon the natural end of a prior estate created by the same instrument.

However, the last sale instrument (2003) for the property was a warranty deed, so there shouldn't be any title issues.It *is* on a half lot.

In order to prove standing in a foreclosure, which most jurisdictions require proving standing on the initial compliant/filing a copy of both the security instrument (mortgage/deed of trust) and note or LNA must be submitted.

I am learning that a quit claim deed is a weak instrument and if I don’t refi, that the old partner still can rescind the quit claim decision and do harm, block a sale, or other unwanted behavior.  

Not to steal Steve's thunder on this matter but in general @Randi Del Gatto there are some defects in this asset which act as barriers to enforcing the instrument used which was a Contract For Deed not simply a Mortgage or Deed of Trust.  

I have a low risk tolerance and am not comfortable putting that money into stocks or bonds for the foreseeable future.I am wondering whether it would be possible to pay down $150K of principal, then tap our equity through a HELOC or some other instrument when the time comes to buy another property.