Cash out re-fi on the primary residence + savings or just take a loan and put 20-25% down to make the deal. 

It feels like it would need to be iliquid, just distribute and don't touch the properties for 27.5 years or when they both die, but quite frankly Amy and I would love to be able to move money/re-fi/etc if/when needed.

And the better chances for that re-fi to come up with that capital is if this is a BRRR project. 

I live in Greenville SC. I

My plan is to apply the BRRRR strategy and re-fi the rental property in 6 months after repairs are done and a tenant is secured.

Thank you, @Kuba F.! I

I had thought about putting in a wi-fi service and offering it to our tenants, so that I could use the wi-fi for cameras, water-leak detectors, and other sensors.  

Assuming a 75% LTV on a cash-out re-fi, we would be all in for $750 per property after closing costs.

I was wondering if anyone knew of a smaller bank that is easier to use as an investment bank for real estate in Charleston, SC? I

When we looked at the big picture, and realized our investors long term goals, the only option that made sense was to re-fi and allow the owner to invest in another asset and enjoy the positive cash flow that was achieved.