Looking to raise 250K as 2nd lien or equity partner

[Plato Asadov]

Hello all, I landed a deal in Upton MA, with property valued at very conservatively 900K, the seller is asking 800K, my goal is to get it around 700K by assuming their existing loan and transferring the deed in my name. We are in the stage of negotiating the price and I am taking my contractor there tomorrow to kill the price. House is in great shape, 1987 built, gut renovated in 2007, and renovated in 2018 again with a luxurious touch. The loan amount is $550K, 490 being fixed at 4.25 for 25 years, the rest HELOC. House is in great shape 3200sft, and 2.39 acres of private land. Looking to raise capital. It can be either interest at 10-12% for a year or a long-term limited partnership. My goal is to assume the loan, payoff the heloc, and keep the original loan in place until we decide to sell it. I am an agent in MA, and there are many exit strategies, but mainly looking to keep it and live in it for the next several years. Let me know what you think. I am open to any suggestions, recommendations, how to's. Let me know how would you do this deal differently? Reach out to me if you are interested to learn more about the deal and invest with me.