Your accountant can let you know if your circumstances would fit.

There is no flat answer I can offer you here, because as you can see, it all depends on the unique economic facts and circumstances of the partners.

From there, she turned her attention to the kitchen and the bathrooms—these are the changes that attract buyers, and what will turn them away if neglected.

I find the buildings that have been neglected, bank owned or vacant.  

As circumstances changed and we bought our second home we were stuck with a higher payment when we rented it out due to the refi down to a 15 year loan.

(I neglected to mention that she has some health issues, and currently pretty much stays home all day, everyday.)

When they took possession of the house after the lease back, there was massive damage, broken sinks, destroyed hardwoods etc.And as I understand in most of these cases, you arent given a damage deposit, they are paying a daily rate equal to the mortgage and are in the situation if they dont move out that you have to go thru the eviction process.I am not saying you shouldnt do it under and circumstance, but I think its important to recognize you are taking on risk.

You may have to hire an attorney for a quiet title action in many circumstances.

The yard was once a showplace, but is in a neglected state as typified in reo properties. 

@Russell BrazilUnder the circumstances you present, I would have the same thoughts about not paying for it.