I'm trying to decide whether to restore it or tear it down.

@Jeremy Walker I don't mean to burst your bubble but you wife's income won't change your DTI for several years unless your plan is to use it to pay off debt.

I do understand that the interest rate is typically lower for a 15 year mortgage, but if you can afford the note on the 15 year mortgage, you will actually pay the debt off faster by financing it on a 30 year amortization schedule because each payment would be an overpayment due to the lower monthly payment requirement for a 30 year mortgage.  

My goal is to help my parents with retirement, help loved ones through educational costs, and work towards alleviating my own debt.

If you were recourse having 3 million in debt for a personal guarantee would not be fun and could stifle investing for years to come. 

Partnerships, from what I have read, seem to be used more along the lines of smallers business that do not incur debt in the ordinary course of business. 

It would also have about $35,000 equity that I could liquidate to apply towards another property, debt paydown etc.I want to extend my ownership to at least 1 year and 1 day to qualify for long term capital gains vs ordinary income.  

Something that would be very useful, for example, would be a deep rolodex of debt investors who are looking to park money in safe 8% yield investments.

The slightly higher rate is justifiable to me in exchange for the extra flexibility.As far as qualifying for a loan, on investment property you can go up to 50% Debt-to-income ratio on these properties.  

., legal liability for themortgage debt) under State law, and the servicer may not necessarily have agreed to add the successor in interest as obligor on the mortgage loan.I think this is why attorneys exist.