Every refinance after that we split 60%/40% ... until we decide to sell or bequeath. 

What is bequeathed to you? 

This would make his income capital gains and depreciation recapture rather than a mix of cap gains and earned income.What are the tax implications if purchase price is, say, $500k, and at time of death principal balance is $400k and he bequeaths the property (worth $600k) to me?

Their overall goal is to hold onto the property and bequeath to the next generation.

For you to get your GF's share, her will must bequeath it to you and the property must go through probate. 

I’m sure that if someone in my family died and bequeathed a substantial amount of money to me, I would graciously accept it and do my best to put that money to work and not blow it on stupid stuff.

Polanyi wrote that a self-regulating market, the kind bequeathed to us since Ronald Reagan, turned human beings and the natural environment into commodities, a situation that ensures the destruction of both society and the natural environment.

If in your will you bequeath the property to your wife then she will basically step in to your shoes and be co-tenants with your partner.

A conversation with the underwriter would be my next step to see what they would accept Depending on their relationship with stepmom, stepmom may bequeath back to those children.

A landlord often has sentimental attachment to his house: its my first property, it reminds me of my childhood, I had and brought up my kids in this house; it must not be sold because my father bequeathed it to me….etc.Ok.