If it really is a good fix and flip, then the HOA should be glad to get someone in to take care of it and make it better for their community.

This can be a useful tool in situations where a tenant is uncooperative or unwilling to leave, but it's important to approach the process carefully to ensure that it's successful. 

Be careful with that BRRR stuff.I personally would not do Remote BRRR as there is just a lot of risk with 1) risk of embezzlement with contractors 2) change orders and 3) bank doing bait and switch doing a lower appraisal and/or LTV on the refinance.Most service providers net worth is under 500-1M net worth and I just did not feel comfortable working with them because they would screw me over when I wire over 30-50k checks to do work.

I would think very carefully about ceding control over the investment given you are all inexperienced.

Looks like you have a solid plan, compound interest will take care of the rest.Can i ask what mortgage product you intend on going with?

It would be a lien placed on the entirety of the property that is deeded in both your names (or in your entity, if you closed in the name of an LLC).If you plan to take full control of the property, you could refinance in your name/entity alone with a cash-out and pay your partner off with their equity share.

I don't care what peoples' opinions are.  

100%  Take the money while you won't pay taxes on it and simplify the plan while you are taking care of the kids.

If you plan to house hack, I recommend you not to expect any cash flow.Living with friends can work, but it's important to approach it carefully.

We are seeing a big uptick in second loans on the market, including those who own investment properties look to take equity out of an existing property by getting a second loan.