As a seller, financing can make you a lot more money, but gives you risk.

You'll have something to talk about, and you may even get money for the deal.

. - not a lawyer but I know someone in a similar position who acted as a private money lender (silent partner) on a rehab to generate passive income.You could also look into the many turnkey providers to sites like Realtyshares, Honemestors, etc who will provide you with a K1 for passive income.

hard money lender?

Lease also states, that any money received from the tenant will first be applied to any outstanding bills. 

Flip or BRRR using hard money seems like solid options.

Explore traditional loans, hard money lenders and private investors to understand your financing options.

Remember, there is always an option.You can find another EMD lender and replace his money with the new lenders money for example. 

Self-Management:Pros: Saves money, offers control, and builds tenant relationships.Cons: Time-consuming, stressful, and needs expertise.Hiring a Property Manager:Pros: Saves time, provides professional expertise, and market insights.Cons: Costs money, less control, and finding a good manager can be tough.What about you?

We need enough money for one of the owners to purchase another home or negotiate he stay living there.