I purchase my personal investments to maximize their equity and hold long term.

There is an amount that you can distribute from an IRA account to purchase a personal residence.You then might be able to turn the personal residence into an investment property.Best of luck.

So, things change a bit.If it is his personal home, there are more restrictions.For an investment property, if you take over his financing, read through the deed of trust (mortgage) and see how they handle transfer of ownership.

They paid their portion of the rent.I have found a lot of investors bring their personal or political feelings into the investing conversation. 

Personally, I've felt the investment has been poorly run in almost every possible way.

For instance, said property manager manages maintenance issues, problems that arise during bookings, basically anything that needs a physical person at the property, while I manage the rest?

Given your assumptions, you are not going to be able to get enough of a loan to fully cover the rehab, even with a hard money loan, so you'll need to pull in cash from elsewhere.One possibility is to have your mom sell you the house with a personal loan, not one attached to the property. 

If you make the person an LLC employee you can get around it, but partner does need to be careful. 

It wasn’t a massive deal—our expected assignment fee was $10,000—but when you’re growing a business, every opportunity matters.Everything seemed to be moving smoothly until the title search revealed a major roadblock: the mortgage discharge couldn’t be cleared because the person who needed to sign off was deceased.

.: I would go HELOC for sure that would be best as others were saying the lower cost for the money changes between paying a higher rate for a personal line and typically personal lines they want a higher monthly charge as well independent from the interest rate.