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.

This team consists of an Investor Focused Agent, Lender, Contractor, and PM.Read this article on the "core 4".

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.

I have found that careful tenant screening is critical.

Of course my Property Manager takes care of the units now but I do not think they do.

I'm going to assume that you are part of an investor community on Long Island.