I plan on fixing the house up myself so I dont need the contractor labor portion. 

Having to record a very substantial portion of my income as rent is still odd for me.

So that's going to be a heap o taxes.The answer to the investment side would be to do a 1031 on that portion and use that to purchase the condos.   

If it's a really great tenant you want to keep in the long run, you could cover a portion of it.

Podcasts are great, video's too, but make sure you "feed" her the good stuff in small portions, otherwise she will not pay attention.

BOTH and not one vs the other simultaneously( rent one portion and live in another).

I would pay a PM to rent it before selling off a portion and I hate the thought of giving away money to a PM when it is easy to remotely manage a property with the tools that VRBO and Airbnb provide.

@Mathew Madruga So when entering numbers into the refinance portion of the investment calculator, do you NOT enter the total price the property is now worth after rehab is complete?

I've contacted the seller, and they are open to offering seller financing on a portion of the house. 

Then within three months or a year do a refinance on the property and use the money we get out to pay off the HML and then he can get a portion/most of his original investment out of the property.