Alternatively you could do a smaller a cash out amount and a private agreement for installment payments to each party secured as a second lien post closing. 

Getting into the story behind this one..This deal was sourced from a large corporate wholesaler (no names) Originally listed as 179,999 as a "wholetail" deal with an "ARV" of 250,000 I walked the house and estimated it needed little in terms of repairs, though I knew a realistic ARV was between 215-230 However, there were tenants in the house without a lease agreement with the current landlord.

Am in agreement with @Theresa Harris ... rents should be raised, if not to market rate, to at least cover the mortgage and real estate taxes and HOA expenses. 

There are a lot of investors out there that need additional capital, start networking to find an investor with a property that is willing to JV, make sure you vet their deal well and have a JV agreement in place.

You can incorporate language into the sales agreement that allows you to form an LLC and take title in that LLC as a closing condition.

For the property managers in the audience... when setting up a property management agreement, what would you consider to be the best way to handle fees that aren't covered in the monthly management fee?

Whether that is determined in a reasonable approach by you and your accountant, or you come to an agreement with the buyer of the property - you just need to do something. 

Getting into the story behind this one..This deal was sourced from a large corporate wholesaler (no names) Originally listed as 179,999 as a "wholetail" deal with an "ARV" of 250,000 I walked the house and estimated it needed little in terms of repairs, though I knew a realistic ARV was between 215-230 However, there were tenants in the house without a lease agreement with the current landlord.

The Operating Agreement becomes really important (so go learn about them, too).  

Yes, there are a couple of things you will want to add to your purchase and sale agreement.