Although there are advantages to waiting too, such as if interest rates continue to drop.

That is tight leverage for an investment 2nd position loan.A private investor might be willing to do it, it's not going to be cheap at all & will be short-term money & will not be a line of credit to take out at your liking.What is your rate on the 1st?

best of luck on your journey

When looking at properties in other cities, I usually start by researching market trends like price-to-rent ratios, crime rates, and growth potential.

In fact, some of the best opportunities in real estate come from properties that others overlook—distressed homes with potential that just need the right investor to bring them back to life.If you’ve been in the game long enough, you know that distressed properties can offer huge upside, but they also come with their own set of challenges.

Best wishes to ALL... 

Here is one piece of advice When looking at areas to invest in check out this website https://www.areavibes.com/ its pretty cool it gives you a total livability score and rating for that areaBest of luck!

When doing a full due diligence on these companies, I found out that their trustpilot rating was 1 star and read several lawsuits filed against them, by multiple homeowners.

That is the best option if you are truly trying to help a family member.you cannot get control of the mortgage, you can do sub2 but you are not in control, the bank could call it due if they see the property transfers title.The other way is for you to buy it from them at market rate, then rent it back to them at market rate.

I already have 2 loans on the property with great interest rates that I'm not looking to replace.