I know hind-sight vision is always 20/20 but I would recommend when screening tenants for future rentals to be ruthless and never bend your rules. 

The commercial rates are skyrocketing now and it's making deals harder and harder to come by, but it's the correct way to purchase properties with partners in an LLC unless if the owner is the bank.This was actually on the MLS; the first buyer put in a ridiculous offer sight-unseen and pulled out when they went to go see the property so the listing agent called me and a few others back so I gave them another realistic offer that would get closed.

While doing that read the book how to win friends and influence people and use those principles when you get someone on the phone or meet them face-to-face.

It's my understanding that our payment amount will change every 5 years when this happens based on principle and federal interest rates.Since this is new to us, I wanted to run it by the forum and see if there is anything we should be concerned about with this deal or any other suggestions.

The answer to your question is, as it usually is, hidden in plain sight within the question itself.If each of you are contributing different things, each of these "things" (I will refer to them as "roles"), has a different value as it relates to each of the other roles. 

Purchase price: $119,000 Cash invested: $30,000 I purchased this Condo for an STR, I bought it sight unseen ( had an inspection ) we traveled to it about a month after closing, to remodel and furnish.

Should I cash out refi now even though I have no  rental in sight to buy?

I've invested in both San Antonio and Austin and my sights are still on San Antonio due to prices and growth potential. 

At least pay principle and interest, don't just throw money away.

She has a great degree from a very prestigious university and will likely be able to find civilian work (remotely) without much problem.The issue is that because we do not know what will happen to her, and we are both very against trying to maintain a long-distance relationship with possibly no end in sight (ie, the military can move her anywhere and is not obligated to ever return her to her current, local base of assignment), we are hesitant to continue with her buying into my house.