If you can refinance and just pay off debts you can take out a personal loan after the refinance up to $50K.

Here are the details:Assumable loan balance: $750k at 2.75%List price: $950kDownpayment needed: $200k to cover the differenceMy initial plan to make this deal work included a few options:Getting a loan for the $200k difference.Bringing in a partner.Asking for seller financing.However, when I discussed these options with my agent, I hit a few roadblocks:Second Mortgage: My agent said no bank would provide a second position loan for the $200k.Seller Financing: He mentioned that 99% of sellers would reject this, though we're asking anyway.Agent's Advice: He suggested I just get a conventional loan and put 5% down for the full $950k, but I feel this defeats the purpose of leveraging the assumable loan.Given these challenges, I’m trying to figure out the best way to raise the $200k.

If I was in your shoes I would gently let that person know what you plan on doing with the place and how much you're going to be charging etc...

If you're looking for a long term business associate, in my personal opinion it is best to team up with someone that you want to make rich.

Challenges?

Personal preference though 

This answer all depends on personal preference and budget.

House hacking will also give you some personal "property management" experience.

They can explain what the requirements are and verify if this person holds the proper license.Anyone can get a license.

Now with all this being said were you on some inaccessible hillside or any crazy things we need to know about making tear down and removal beyond challenging?