Do you have thoughts on that piece of the equation?

It's really nothing more than understanding that the power of an offer lies on the left side of the math equation that is the market/property analysis. 

I equate property management to intensive time needed and low returns.

It's a simple math equation of having other people pay mortgages for you. 

Managing you personal incomes and expenses is an essential tool to master before becoming a landlord ... investing in a rental property is all about analyzing and managing income and expenses too, only with financial leverage (debt) added to the equation. 

Your other price points are fine...but as a passive investor, you don't need them in the equation.  

Part of this equation might mean moving to the East Coast, which might give me some negotiating power with her! 

Rents in our area are really good so that potential split could possibly equate to a 15% on his investment.

So in essence, after refinancing I would pay back the lender and recoup my out of pocket money, and the final product equates to me owning a property without being out any money.

On the other side of the equation if you were to sell now you do stand to make good money off of it and maybe tenants are not your thing.