The rent by room was managed by a company which I no more trust and started exploring other options 

Granted this lowered the IRR however we are almost done and were able to work through the covid mess and unlike what we see today .. our profits are higher than when we started 4 years ago..

If they don't - then it's optional.  

Let me know if you need some good options here; we work with quality accountants all around the country.   

Are there options for assuming the existing mortgage and financing the remaining balance with another mortgage?

Most of the OOS markets investors target do not have much appreciation potential, are lower end properties that will have ongoing issues and will not give the OP the opportunity to self manage his units to gain true real estate experience and understanding.

Either way, I'm glad it's being more recognized as a good housing option. 

:Class A Properties:Cashflow vs Appreciation: Typically, 3-5 years for positive cashflow, but you get highest relative rent & value appreciation.Vacancy Est: Historically 10%, 5% the more recent norm.Tenant Pool: Majority will have FICO scores of 680+, zero evictions in last 7 years.Class B Properties:Cashflow vs Appreciation: Typically, decent amount of relative rent & value appreciation.Vacancy Est: Historically 10%, 5% should be applied only if proper research done to support.Tenant Pool: Majority will have FICO scores of 620-680, some blemishes, but should have no evictions in last 5 yearsClass C Properties:Cashflow vs Appreciation: Typically, high cashflow and at the lower end of relative rent & value appreciation.

However, those two options are too pricey for me.

I might do a deal where I purchased the property and provided the “buyer” worth an option to buy for the period of the loan with monthly rent” payments equal to the interest payments on the would be note.