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She’s inclined to sell and go traveling in his remaining years.

I purchased this home at 198,500.00 it is now valued at 232,000 minimum and i owe 186,668.73 remaining on the home.In short is it best to sell this 2 year old home thats in a developing neighborhood or should I create my first rental with this home?

Since they don't file their own tax return the tax payer remains the master LLC.  

However, home prices have yet to show a year-over-year decrease and are, indeed, still rising.Austin’s housing inventory remained at 2.4 months, which was 1.5 months higher compared to this time last year.

A construction loan will cover the remaining cost to complete the renovation on all 3 units.

With Holidays fast approaching, and school in session, most markets are slowing down and will likely remain slow through February or March.

Then the remaining $350/mo (10%) is my discretionary budget.Any comments or advice is appreciated.

And if so, does the remaining tenant meet your criteria for the unit?

Put that remaining 5K in your pocket as profit.Now you make 2 deals, because you eliminated all the bottlenecks, and you tweaked the method as you learned from the first time.