@Jeff Dulla No new property in the works, but freeing up the line of credit would just give me the freedom to purchase something else if it pops up in the future. 

@Barry Allen, in addition to what others have said here, I'd like to add that saving money at your age is *very* powerful.

Sweat equity is incredibly powerful.  

Our ultimate goal is freedom from our corporate jobs and we would love to be able to work full time in real estate investing.  

(PS: they will all have to work together, at some point - better for you if they are used to 'playing well together' in this, as well).Don't make this complicated - just make it complete - start talking to one professional and keep asking until you find the one with whom you are comfortable, then ask them for their recommendations fro the others you will need for the full, legal, and financial foundation of your power team.Foundation laid - build the house!

Id been in the restaurant business in cyprus for close to 10 years and realised i wasnt creating any kind of freedom for myself whether it be financial, time or emotional so i decided to get rid of it. i wasnt an easy decision it actually took me a few years to bulid the courage and take the step.

Leverage is a great tool to increase returns if you respect its power to juice returns (and losses) and know how to use it.

It is a very powerful tool, which most people don't use as effectively as they could.

Then do everything in your power to partner with this person in the fashion of working as co-operating agents.

As for what the house needs, it needs a new kitchen and appliances, remodel 2 bathrooms, new lighting throughout, new hard wood throughout, a lot of wall paper needs to come down and repaint entire interior, carpet the basement and reinstall new drop ceiling in basement, power wash house and refinish outside deck.