I used $80k to pay off personal debts and $50k to remodel it by myself with my two hands.

(This option would would not carry any debt, all debt would be paid in cash)Or keep our current house, rent it out, and cash flow NET monthly about $1,500?

I frequently see where one party is awarded the property and debt and is mandated to sell or refinance it within a certain timeframe to have the other party removed from the note/mortgage.

If you've not read Debt Cleanse, you should.

Since you’re assuming this debt as part of the purchase, understanding the exact amount is critical.

Although with the NAR settlement you may need your RE agent to negotiate that in. 

There is almost no scenario where a condo would ever positive cash flow while servicing debt, and very little positive cash flow with no debt.If your budget only allows for a condo, find a better place to put your money to work.   

There is no UBIT because your investment isn't leveraged with a mortgage or debt.

What if you're a cardiologist with no debt and making $250,000 annually?

You may want to research the term ' Debt Financed Distribution' Which does have a tax implication for the investors receiving a distribution.