I don't know if that's the correct spelling, but it works.

You could put something into your lease agreement spelling out exactly what you deem as "repairs" and what would be considered "upgrades" as well as who will be responsible for the cost of those upgrades.

My gut says to spell out the specific property address, but a lot of online printing services (Costco for example) don't give you the options of merging a mailing list with the mailer to create tailored postcards and letters for each owner on the list.  

So make sure you're able to spell out the benefits and that you can show proof (credit, proof of emergency fund) if she balks or wants reassurance that you can do what you say you can do.

HELOCs are the ones effected mostly by the FED jacking up the fed funds rate and are not locked in so that could spell disaster.Maybe the best play is to cash out, buy your bigger home with out worries and keep some of the money to buy your first investment property in the next 6 months when you can find a great opportunity to buy below market, and maybe use creative financing to hit your mark. 

But just like a table saw or arc welder can help make wonderful things in the hands of a skilled craftsman, they can also spell disaster for the unskilled novice.

All of the terms were spelled out in the JV. 

They didn't fall under the spell of the midnight magnolias and slumbered whilst dastardly cuckoo inseminators sneakily did their business...

In which case I would recommend at a minimum you have an asset specific JV agreement spelling out all distributions. 

They will spell out what they will provide on the sale.