@Jonathan PalumboI agree with @Ko Kashiwagi regarding the cash out portion. 

Without seeing pictures of the tree or the size, its one of those situations where you are d@mned if you do and d@mned if you dont.Also, What does your lease say about taking care of the property and maintenance?

Below is where the confusion may lie:-The Borrower must occupy the second home for some portion of the year-The Borrower must keep the property available primarily (i.e., more than half of the calendar year) for the Borrower’s personal use and enjoymentLooks like that was updated in May 2022, I closed on mine in March 2022 so my rider only included the first of the 2 bullet points above, so maybe they added the 2nd bullet point after?"

130k sounds like a lot of equity, BUT most second position products are only going to go up to 70% or 75% loan to value. so, you can not borrow a large portion of that equity.

You can start down sizing. 

. ($140k purchase price - ($177k loan - $82k rehab portion)).So, that means you are entitled to 142/(142+45) = 75.94% and your friend 24.06%.

@Griffin DalrympleIf there's no other way, the options are to 1031 or sell a portion to a partner.

Mubarak, Depending on the size of your porfolio I'd do software demos for Appfolio, Rent Manager, and Rent Vine.I currently use Housters and Appfolio.

If I get a new home at 6-7%, to get to the same size of a home, same age, same size yard, everything, that is a $1.3-$1.4M home, which is incredibly expensive. 

The only solution: jackhammer and remove the slab over the line, dig out old the line and install a new one, backfill it, re-pour the demo'd slab, and re-finish a substantial portion of the basement...needless to say, we got some real concessions from the seller before closing (to offset not just the cost of the new line, but also the downtime, holding cost, and vacancy that had to happen while the line was being replaced).I never buy a property without doing a scope (and it's saved me many tens of thousands of dollars, and major headaches).Good luck out there!