Meaning pay your mortgage as is and allocate all of the left over funds toward your next acquisition, since You’re already locked in @ a good interest rate.

Make sure you allocate funds properly.

It's analogous to your W-2 or your business...little diversity but lots of knowledge helps mitigate risk.I used to max out retirement plans but as I gained real estate knowledge and generated higher returns, I began allocating more capital to real estate. 

If I could go back, I would have allocated more time to spend with the kids when they were growing up.

It specifically prohibits an amendment, without the unanimous consent of the units’ owners, from changing: (1) the boundaries of any unit; (2) the allocated interests of a unit; or (3) the uses to which any unit is restricted.

Make sure the cash flow estimates reflects the 50% rule (probably 60% allocated to expenses other than debt service would be safer for the pro forma).Get a 3rd party inspection and appraiser. 

I am considering helping her buy a house (we will both be on the loan and title) in which she will live and also rent out 1 or 2 rooms.From what I've been able to find, I understand that if I make a portion of the mortgage payment, I am entitled to a proportional portion of any personal deductions (e.g. the mortgage interest deduction).I also understand that if a part of a home is used as a personal residence and a part is used as a rental, that the costs are split proportionally in order to determine how much cost is considered personal and how much is considered a cost of the rental.What I haven't been able to figure out is how to treat the costs and income if we share ownership of the house and we both contribute to the payments while she uses a portion as her personal residence while we also rent out 1 or 2 rooms.Can anyone help me understand how to allocate the costs and income? 

Have your attorney help you allocate what the settlement should be allocated to.

One suggestion: instead of focusing solely on 3/1 SFHs, why not allocate some of your resources in buying a small multi - 2 to 4 family?

I also have funds allocated toward the rehab.