Structurally, the property is in pretty good shape EXCEPT one problem that I cannot properly assess: the plumbing will not hold pressure.

Principal balance currently at 314kProperty Details: It's essentially a "2-in-1" property, with the main unit rented out for $1,900/month and an attached ADU bringing in an additional $1,200/month.

If the tenants don't care for the pool properly, it could cost you thousands to fix.

While at the same time sending their balance to collections. 

You will need an attorney to properly structure the partnership and you will make sure you do it correctly.

As I want to have work life balance in perspective of my life time and want to get the work done now. 

I have seen many investors fail here because they only have 1 or 2 properties and when the downturns happen it kills them,  So you are going to need more money and more properties to balance out the ups and downs.Investing takes time, it doesn't happen overnight, and I think people fail to keep with it when it doesn't happen immediately.  

I think your biggest issue with any "work-arounds" is going to be your legal liability and holding the proper insurance in case something goes wrong, which I'm going to assume you'd need to be properly licensed in order to be properly covered by insurance.

It looks and feels more balanced.

Also, some helocs will offer Interest Only payments, some that go above 90% LTV may ask for 1% of the outstanding balance or 1.5% of the outstanding balance.