1) Create a new term sheet that splits up the equity between yourself and your partner in accordance with their percentage of ownership. 2) Decide who will get what type of financing - if one person wants fixed rate financing while another prefers adjustable-rate financing, it's best not to mix them together because they have different risks associated with them; 3) If there are multiple investors, make sure everyone has an updated agreement reflecting the changes in ownership percentages; 4 ) Have a conversation with the person who is going to be taking over the loan and make sure they understand what type of loan they can afford to take on.

@Mark CruseIt was provocative and unnecessary I bet he wishes he wouldn’t have said it.  

IMHO adjust your expectations, accept you can’t afford to live on the mountain, find the next best thing, and focus on that.

Manish,Your best bet would be to run all (3) through the same bank and get a low conventional rate on each one. 

You COC will be cut in half with a minor 10% change... bet on that 10% change lol.Rentals and all investing like this is best done with a 5 year window and then working backwards, much less would need to happen for this to be a "good deal" in five years so on rentals I go with that and the 10k will be nothing. 

I'll probably order Jeff Booth's book, though I'm betting the big systemic issues he's addressing are more likely to play out over a very long period-- throughout my grandchildren's lives. 

Your best bet is to consult an architect. 

I bet when you collaborate together well their caution and your gumption can be a magical combination.

You won't know what's possible (like @Stewart Beal, what an amazing story) until you get educated and hear about these stories, and all the different paths you can take.Set a goal, figure out how you're going to get there through education, use education to adjust goals, further educate, adjust goal, rinse, repeat.Good luck brother. 

Aside from the tarp I would do nothing until inspected by Insurance adjuster.