Congratulations hope to be I your shoes one day!

If I were in your shoes, I’d seriously consider selling the $650K property.

Quite frankly, if I were in your shoes I would try to get one of my siblings to buy me out and then invest that 40k somewhere else.

Quote from @Aj Joshi: @Steven Rosenfeld , I am in the same shoe now as you were 10 months ago!

Get really good at putting yourself in the shoes of the investor.  2.

I would do the deal if I were in your shoes.

About 2012-2013 I was in your same shoes.

If in your shoes, I'd be sorting my marketing strategy, and jazzy ways to do my frunishings, marketing budget, how to Gorilla the hell out of it.

If I put myself in the shoes of the outside partner/investor friend, I would be very concerned because: 1) unclear and/or potentially conflicting business plan, 2) even with clarity in the BRRRR business plan, unclear in the viability of pulling it off with these market conditions, 3) the chances of dispute seems very high, especially if you're going to live in. 4 years ago, I went through a  similar thought process when purchasing an investing property with mainly my family money, while considering an outside investor to rehab for higher STR ROI... 

And don’t hesitate to tap into local investor groups or meetups; you’ll pick up tons of wisdom from folks who’ve been in your shoes.