So for her to move to Spain would mean she could actually enjoy her life and have a good quality lifestyle as well. 

Market cycles can dictate short term goals (2-4ish years), but I don't let them change the ultimate long term goal (20-30 years), of having enough money to not have to work and live the life style I want. 

Also, depending on your desired lifestyle and how long you may live in this area, you may want to find an experienced property manager to manage the property for you and not tell any of the tenants that you own the property.

A line of credit is good if you bought an asset and were rehabbing it to sell but for keeping it as a buy and hold it does nothing for you - again unless you were trying to do a major renovation to enhance value and refinanceOtherwise you are just overleveraged

With enhanced rules for Sec 179 and bonus depreciation, the traditional benefit of cost seg is amplified.

If I had the money on hand and it was going to be a professionally finished project- I would do it.I would not expect to make the cash off of the quarters to justify it- but even a free one in my market, would enhance the property value enough to justify it.

There are several multifamily syndication groups you can join and learn with them, to mention a few: Rod Khleif, Lifestyles Unlimited and Brad Sumrok - which is the one I am part of.

In the meantime, take a look at your budget and lifestyle to see if renting or buying makes the most sense for you.

In one case I did a 1031 from a 100000k into 2 duplexes now valued at $450k. after reading the 1031 book by Dave I have great cash flow which changed my lifestyle.

Will it really move the needle as far as your lifestyle goes?