Leveraging equity of Investment property

[Carlos A.]

Hello everyone, I hope you are well.

Quick snapshot of situation

I was fortunate enough to find a deal in the south florida market (Fort Lauderdale) where the sellers were looking to retire but were house rich/cash poor. They had a crazy affinity to the home they've lived in for the past 30 years (family roots, love the neighborhood etc) So I was crazy enough to offer them $100k over what they still owed on the property....and they  accepted! Here's the catch, they told me they would only agree to the deal if I allowed them to live in the house for the next 5 years. They would pay the taxes, insurance, HOA and all maintenance/repairs, and I would pay the P&I.

Numbers

PP: $250,000

Actual Appraised Value: $750,000

Monthly P&I: $1,660  (Which I do not have any issue paying monthly) 

My question...

I know that this is a very unusual situation, but I was looking at the equity in the house and the appreciation that market has seen and couldn't pass up the deal for that PP. Is there any way to leverage all of that equity now? My idea is to use it for BRRRR or Fix and flips. Or Do i just have to suck it up for the time being, float the loan and in 5 years get a big pay day?