If it takes you longer than 5 years to recover your cost, I wouldn't touch it...and I mean recover your cost in "liquid" cash...the way it was delivered. 

I don't know about you guys but the past year has taught me a lot of lessons.I love liquidity.

I have a small chunk of liquid cash, and pending the outcome of this deal, have an offer of private money for a second deal, which I'd like to put around 6 months after the first.I recently mentioned my interest to a friend who has moved into conventional lending (primarily ag-related).

Doing so would likely turn the policy into a modified endowment contract (MEC) and make the policy taxable, creating a double-taxation: once upon liquidating the retirement account, and again in the new policy because of the MEC limits.If the property in TN is an investment property, he could look at doing it the other way: liquidate -> buy rental property -> use net income to buy life insurance.

Also, what's the plan if one of you decides to liquidate, and the other doesn't want to. 

predetermined dates for one partner to liquidate? 

**the following is not professional advice*** First, I would find a refi lender for the condo before I  move forward… I would take my liquid cash to payoff my current HELOC.

I am seriously thinking about liquidating my rentals and investing elsewhere if I am denied Landlord's insurance.  

The roof being only a few years old is in good condition so we liquid nailed the felt paper/shingles from the underside since there is no way to secure them with nails.

This means determining if the field is sufficiently permeable to absorb liquid flowing into it.