Here’s my two cents:Paying off the condo might make sense if your main goal is to reduce risk and enjoy the peace of mind that comes with no mortgage.

Ideally, I’d be buying and selling and potentially managing properties as a job, and be working the gardens and hobby farming, potentially attending farmers markets on weekends (we both love to create things).

I normally have one piece of advice for people just getting started, do not take on too much risk.  

One thing in real estate and probably most other businesses is that most people including me don't know how to measure and evaluate risks.  

Here's a breakdown of the situation:Current Occupancy: 80% (16/20 units occupied).Current Gross Rent Roll: $14,265/month.Market Rent Potential: $17,665/month (100% occupancy).Renovation Needs: 15 units require full renovation ($10K/unit), 4 units are 75% renovated ($2.5K/unit), totaling $160K in renovation costs.Vacancy Loss: $41,820/year in lost income due to current vacancies.Cap Rate AnalysisThe seller lists the cap rate as 9.59%, but this is based on the projected NOI of $119,858 (assuming full occupancy and market rents).

Better advice is know the risks, mitigate the risks the best you can. 

So, they could potentially buy another house later on.

Some of the most expensive and difficult properties in the country (and world) to develop were vaporized into potentially un-developable lots.

On the other hand, you might find a common reason that a few of your potential investors are not investing that might change your own thoughts on the deal.

Sufficient infrastructure: Companies select locations with major airports, highways, and a large population of potential workers.