How long it takes to be financially ready is different for everyone.

I've been an investor and broker for the last 10 years in FL and NC, and specialize in the mountain regions, and beach regions because that's where most of the tourists, and investors who want getaways, invest (certainly there are many other interesting markets to invest however, booming wine country for example..)To add to it, I love the environmentally responsible home building, that's something I've had an interest in for a while, and I've worked with several contractors and architects in the last few years to come up with a useful plan for alternative and environmentally responsible building materials. 

Joint Ownership with a Formal Agreement: Another option is to keep the mortgage as it is but create a formal agreement where your sister-in-law is no longer financially responsible for the property.

If you had the same equity, what would be your plan of action?

When they're done with your taxes you should meet with them to go over your return, ask any tax questions, discuss any advice they have based on the return they just prepared and share your plans for the next year so they can give you advice on them from a tax perspective. 

I plan on utilizing RentRedi for that so if anyone has experience using that and can share their story that would be great. 

I plan to be raising the rents on them because they are currently paying about 40% under fair market rent.

CMG Financial in Idaho will do 100% on owner occupied.PenFed pulls Equifax for their HELOC.

You can either do an income based loan underwritten by your income and supported by financial documents or a DSCR loan if an investment property you don't live in. 

If you aren't planning to try to resell, you won't risk having to take a capital loss.