I think prices are inflated on speculation and it's not wise to buy a house and essentially pay for the speculated future appreciation.

This would ensure no further development/crowding out this quite and serine property2-In 3 years I could keep 8-10 acres for myself and parcel the remaining 13-15 acres into two lots and sell them.

For the schedule E, I’m assuming that I’ll be splitting the 4/5th remaining mortgage interest and r/e taxes with my partner 50/50.

Also what is the rate and term+term remaining on the loan?

So you totally get the apartment vacant if unknown others are living there..Don't cancel, go to court. get the writ and proceed You could ask court clerk if you could ammend the filing to add "Et el" otherwise you may need to do a new filing against remaining people..Call your clerk of court and ask if they can give you any details in this instance or call attorney.

For me it gives me security in knowing that the demand for rentals will remain very high since the renter population seems to be growing.

There are some 2-3 family properties (in different conditions) that could provide an opportunity for you to remain around that $1,625/mo or even less.

Money not being used is money that's devaluing because of inflation.

Their townhome is paid for and with any luck their remaining days will be spent there.My wife really would like to buy the property as an investment vehicle and the ranch townhomes regularly go for around $300/$325k at least.  

The existing loan gets paid first in escrow, what remains after goes to you.