Because of the amortization schedule, the payments at the end are more principal than interest.

Filing jointly just makes this messy.

Jorge Newberry is the principal and a very good guy from my experience.

Would the end result be return of principal?

Since filing separate tax returns could increase your taxes, a "post nuptial agreement" would allow you to still file jointly but distinguish the properties for your other situation.

Just for the FWIW file.

Then, look at how much principal you are paying before the refi.  

Was this a Reg D filing?  

Approximately $763 monthly principal and interest payments on 130k with 15% down.With 20% down the par no points paid rate would be 6.875% as of today for a 30-year fixed conventional investment mortgage.

It's easily $85,000 smackers just to buy the property and you get 7% interest so your monthly payment on $320,000 principal is $2,129 plus taxes and insurance.