I don't evict a "pregnant woman' or "single mom with kids",,,,I will evict a tenant that brakes promises to pay, not the individual.Because someone is running past due, I would come up with a plan for them to catch up on a timetable they can do it,,,if they don't follow that plan, then I would evict them.One of my best tenants I served a 3 day letter to, only after they had broken promises to pay,,guess what, they don't break promises to pay now (but do run late, always paying late fees)If I can afford to let them stay without paying or not is not a question I think about, this is a business and I will give some slack, but will not allow someone to stay without paying rent, and as @K.

This is where you can lose a lot of money, if you have to sell the property and not complete the build out.We identified three areas of risk and they are all on three different time tables. 1.

Make sure that you pay for their lunch and that you fit your time around there timetable.

Perhaps set up a Home Depot/Lowe’s account, order all necessary material, have it delivered (or he can pick up) and pay him 25-30% of labor fees a piece at a time, so long as the progress and quality meet your timetable and standards.

OR you have to order 'retro-fir' windows that have external fins...they slide into the opening from the outside, but they are a custom fit - add $300-400 per opening and 5-6 weeks to your time table....but then no exterior trim and a little on the inside... 

1-2 years is a good timetable if you were going to do some sort of value add, but if not you'd have an extremely difficult time making a decent return in that time frame with closing costs on both ends. 

Exceeded the hard money timetable and had to get an extension - which includes new set of points and closing costs - Ouch.If you are going to flip on the next one, don't forget to calculate your short term capital gains tax or at least keep the property for more than a year. 

That means you want to get the bonus, hit the spend limit, get the miles then close the card to reset the time table. 

To your original question, if you are investing for your future and the future of your family, do it debt free and do it on whatever timetable that allows.

You just need to make sure to set a time table for your wife to refinance so the deal sounds pretty damn sweet to me.