@David R Pustelnik recommend you first focus on raising the rent for the first time in 10 years.By the way, how much have your property taxes and home insurance gone up since this tenant moved in?

Tenants save money when using a shared meter, so there's plenty of room for error when calculating how to distribute the charges.

Joint ventures entail utilizing your own money to buy properties with others.

Hope you don't put down large earnest money deposits... these guys will make sure you lose them! 

Make sure your financial advisor understands real estate taxation, financial planning and tax planning. 

If you find you are unable to raise the money for an all-cash purchase, switching gears to Fannie will only work if you have a LONG time to close in your PSA or have many extension options (which usually require more hard earnest money.)

I start by telling them we have a lot of money tied up in the property, and we've been burned by folks that wanted us to believe the best of them.

Meanwhile, bank money market paying 7.5%. 

Would it make more sense to move the money we make from selling to a different property that could potentially increase our cash flow? 

If you continue filing taxes jointly the income you realize from your separate property will still need to be explained and redacted, regardless of the type of entity holding the real estate.