I like Jin's idea of letting it lapse and then reissuing it.

Hello investors, I am reaching out to get a few ideas/information.

On paper the cheap houses look great, but the reality is they are harder to manage, have higher turn over and cost a lot more time and money.Buying before you retire is a good idea because once you retire, your ability to borrow money is going to decrease as you don't have a regular income from a job.As you want to fix houses up, why not buy a house that needs a bit of work, live in it while doing the renos and then move when you sell it. 

Hi Ethan, I would not entertain the idea of getting more money from this tenant in order to potentially increase your cash flow. 

Maybe an outside the box idea would be to try to force some equity by making some improvements in the house you live in.

Low risk investments sell at a premium, that's the whole idea of cap rates.

Henry the returns were 12 to 17% depending on amount invested and how long you locked up. the other thing that this fund invested in was  defunct brick and motor like radio shack  stien mart etc with the idea that they were going to turn those old name brands into  on line sales .

He's my lender and he'd have a good idea.

If you own it 50/50 you still have to 'sell' them on your new fence idea.

I think all of your suggestions are great possible ideas to do this deal!