We did not end up doing it (for which I am very grateful now because I knew nothing about renting at the time and now think it would have ruined me for ever renting in the future) however it planted a thought in the back of my head that drove me to do some reading now in 2021. 

You are better off if you don't butt heads on the issue because the lease does say it ends on the 1st you are asking her to leave early. 

I know there are many options and I will talk to a lawyer and CPA, but I'm trying to wrap my head around things first. 

Don't get in over your head.

The existing tenants cannot have a substantial change of their lease terms. 

If we hate landlord-ing we can sell it, but scaling to more is not out of the question once we feel we're not in over our heads.

When I initially started I had a really hard time wrapping my head around the cash-out refinance, I thought I cleared it up, but maybe not? 

Lots of owners are small franchisees of a brand and they fee them a lot on testing splits for money to head corporate.

Jerome,Just a heads up if you go to LT you will be bombarded with call from a ton of people basically trying to only pull your credit and make an offer prior to approval and in most cases an unlocked rate offer. 

I will have a substantial bump in pay in my new place that can help fund any of the above.My current home value is roughly $500,000 and I owe $142,000.