It will be a pain and the previous owner might not play nice.

@Ramon Alvarez, I know your pain brother!

Account ClosedI feel your pain.

Then why volunteer for so much drama and pain?

However, it's a bit of a pain if the property hasn't already been rented for a year.

The market continues to be red-hot and you could consider turning it into a rental for a nice monthly infusion of cash.

The paperwork is a pain and it takes a month, so do it now so that you are ready.  

A 203k loan is a possibility, however, the rules are such a pain that you may wish you paid the higher rates of hard money. 

I agree with @Rick Baer, if you intend to pay one off and pull it from the pool its a pain, and your lender will not like that, its odd how banks will give you just enough rope to hang your self in the beginning, or when you have little equity, but when you have built up a significant amount of equity, they dont want to give any of it back, have a plan and be strategic, the Bankers are the robbers, and th really dont like it when you are in the drivers seat

In my title experience contracts for deeds have really been pains for buyers I recommend against doing this.