I was looking towards multifamily as I feel it can be more powerful. 

You are happy to take charge, but they need to pay 50%.Can the split be like 45:55 for I pay 45% of the cost and my neighbor pays 55% of the cost because it's their dog that is lunging towards the fence when it barks and therefore reducing the fence's longevity?

One misstep could cost you significantly. 

Another reason for potentially selling this home, is that my fiancé didn't qualify for a HELOC on this home (house is in her name), and our equity is tied up.Overall, we love these homes and would love to keep them, but holding costs here in TX are expensive.

In essence, after two years I would have turned a $192k down payment into $284k equity (minus agent commissions and closing costs).After selling the property, my plan would be to roll this equity into other investment properties through a 1031 exchange.Questions:Is this a good opportunity? 

I guess my questions are in how to calculate the cost of a rehab?

I deal with mostly lower cost starter homes, so I stage very minimally.

Instead of having the tenants split the costs each month, it is just easier for me to do it all and charge rent accordingly. 

Our contract states a two-month notice for termination but doesn't mention any costs.

I know his cost basis in the property is likely very very low, so selling would trigger significant capital gains and depreciation recapture.