But if it's just a house for you to live in, not an investment, then financially speaking you can't do better than living for free since the home you live in generally tends to be a wash or lose money when you factor in everything - maintenance, furnishing, repairs, etc. 

This means you are losing money on this property...even without refinancing. 

In the private money scenario (and if that is from family/friends), you need to really be careful as to not let them lose any money.

Especially since this would be our first venture in the space.

Why lose income?

Without a good deal you can’t buy anything.Not sure what you mean by joint ventures specifically though

@Evan SwansonThe question is should you have a business entity for an owner-occupied property.Will you lose your homestead exemption if the property is moved to an entity.Will you be legally protected if something were to go wrong, most entities protect business assets but an owner-occupied property is also a personal asset.Speak with an attorney.

Now, the price of rent is only $200 more than the mortgage on a 15-year note, but I'm out of pocket so little money, it's well worth not cash flowing.I might not take a deal like that if cash flow was my top priority, but honestly, I'm not thinking much about interest rates so long as the numbers come out to me not losing money.

I truly believe we've been able to bless their lives as they've blessed ours and it was always exciting to lose them to becoming homeowners themselves. 

I would venture that they have problem renters who they do not want to be aware that they are selling it and who will not allow viewings without it being a big problem.