She later remarried, paid off the mortgage and I gifted my part ownership to her and still lived there.

I asked her, "How do you typically use this gift?" 

If you feel you really want something more special for a nicer flip or something, get a design consultation from someone local who can give you a whole color scheme for the house that will make things pop. 

Do you use forms or what is your design? 

I do like real estate, I have a great eye for design, but would hate to have to evict someone—that would be my worst nightmare, so I’m not sure I’m cut out for being a landlord (although I would fully anticipate having a property manager)Is option #3 a far inferior option compared to keeping our expensive house in expensive city as a rental and only having to deal with one property that gives us great appreciation in 10 years ?

The addition of a private balcony and standout interior design further elevated its appeal to both short-term and long-term tenants.

BiggerPockets is full of resources designed to help you along your journey, whether you are just getting started or a seasoned investor.

@Tim Simmons No, we don't typically give the house captain a discount, but we've started to give them some type of gift card if they're doing a good job communicating.

I am a former NASA robotics scientist... trust me when I say, it IS better because I designed it to be better!

A HELOC or loan on your primary could provide funding, but that is typically not designed for longer term funding - i.e. a down payment on a multifamily....