Mom owns paid off property - need options to invest

[Chris Smith]

Hi BP: Mom inherited property, paid off, valued at ~$120k. Cash flowing only $600/month due to the other rental house being run down and now unrentable. (there was two)

I'm trying to get creative to leverage the property for further REI. Options I'm trying to consider below—any advice or if I'm missing an option, please reply...

- she cash-out refis and we invest together on something

- she adds me to the title, seasons for 6-months, I cash out refi and invest

- she sells to me under market so I have a safety net of equity in the property, the $600/ pays the note and we use the money on the sale to invest

- she sells and we move on to something else (but uncle lives next door and uses the property for storage, so has talked her into not selling at the moment)

$120k cash is silly sitting there generating $600/month... I'd like to leverage the money. 

Any other options? Or is there a better option over another?