These numbers can always change just as long as both of you make adjustments and update operating agreement.

I also like to challenge myself to find one item that I could update for $200 or less that would either increase the properties value or tenant appeal.

Just a quick update on my situation.

I will be doing a few updates to that side of the duplex and raise the rent up to the market value for the area.

Landlords defer updates and milk them for cash flow. 

December 2019 Massachusetts Single Family Housing update: What a year!

Update, In texas you can not exclude your spouses debts. you can only keep the spouse off the loan if your income alone can support the combined debts plus the new loan.

It likely needs new everything, new plumbing, new electric, insulation, new windows, new smoke detectors, and plenty of other cosmetic updates. 

It is a SFH 1,700 sq/ft 3bed,2bath updated, owned solar, great neighborhood and school districtCurrentlyMortgage $2,800 (P,I,tax, insurance)Purchased at $545,000 in 2013Loan balance $425,000Home value $750,000 estimatedRate 3.25%, 30 year fixedSale $280,000 profit est after fees, fixes, closing, etc, I have lived in it for several years so profit would be tax freeAssuming again a $750,000 appraised valueRefinance rate 3%Refinance cost $3000Pull out about $200,000New Loan for $625,000New Mortgage 3,300 monthI could rent it out for around $3200-$3300 estimated, I would manage it myselfOptions1) Sell2) Rent3) Refinance with cash out and rentIt seems like a good idea to refinance and rent, if I did sell, I would invest in other properties like multifamily properties with better ROI.

The TX legislature updated the law in 2018 to remove the "once an A6, always an A6" issue, but I've found some lenders aren't aware of the update and I've had to point them to the language in the actual law.