A good manager can improve performance for a mediocre investment; a bad manager will kill a good investment.

After the initial inspection we sent a response to the inspection asking for $21,500 in seller credits to cover the roof and furnace (both needed replaced). 

This will allow you to remove the person and do the financing on your own.Home Equity Loan/Line of Credit: Since you're looking to access equity, a home equity loan or line of credit (HELOC) can be a good option.

Hi Jerrell,  The best option for trying to get a HELOC on a property would be to check with local credit unions. 

I knew there were some HML lenders that did OO, but OP credit score “isn’t great” (which likely means it’s poor) and “technically don’t make much money” (which likely means he has little income).i think it is long shot any HML that does OO will take on this risk for what they can legally charge for OO loan.  

If it is a credit/equity line, you could provide a lender letter that the funds are available immediately for funding - and cured any recission period. 

Improve your credit and financials so lenders are willing to take a chance on you.

At it's basic level:Assumption: Asking the bank to turn the loan over to you and going through the normal underwriting process, credit, income, DTI ratio etc SubTo: Taking over the loan without telling the bank, no underwriting, no credit check, no income verificationBoth have risks, but it's not my intent to be detailed in this post.

Just as bad as the posts you see from time to time of the grandchild wanting to work out creative financing to buy their grandparents house below fair market value.  

Anything below is likely in a bad spot.