Ultimately it comes down to my goals, but my thoughts on the best way to achieve them seems to change daily.......Worse problems to have though, so I should probably stop my belly aching :P

Jackson is boom or bust and can be huge head aches in certain areas.

Perhaps some type of 'Joint Venture' agreement?

I have have a deed, a promissory note, and a Joint Venture Agreement. 

This is referred to as "joint severability" and you would do well to spend five minutes reading up on it.All adults are screened and approved.

Now if you want to use Zillow, Zillow has it at $757K..... my view is it is likely $700K valuation TODAY.....no future appreciation needed.....So my $60K downpayment is now $180K to $257K, depends on which value you want to use.....Tenant is a single guy late 20s works for Google making $190K a year, ACH the rent on day 1 of each month, so no PM needed....Vacancy is likely 2 weeks per every 5 years in SF....So you can run the math from there.... if I prefer, I can offer tenant $20K to leave, and put the property on the market to sell for $700K TODAY.....But I am off track a bit here...

The lease contract must include the provision that the tenants are Jointly and severally liable. 

@Kelly Moreland Right within QuickBooks Online you can collect rent by ACH or CC. 

(For example, we intend to apply for a HELOC secured by our jointly owned property).

If it were mine, I'd consider handling that degraded porch edge. plus adding a handrail or two.If it were mine, and I had to do this, I'd cost out concrete to the foundation with caulk in the joints, because if you zero the concrete to the foundation and it moves--ouch, and if you don't caulk its endless ants and weeds in there.