Ways I’ve thought of is assume their debt and allow them to take a second out in their name to take the remaining balance.

So if you want to eliminate the risk you need to increase the cost and pay a contractor that can run the business.

Essentially, eliminate the long term financing piece and just do HELOC...at least for a little while. 

I'd focus more on cash flow, potential appreciation, debt retirement, tax advantages, and your return on investment. 

Because you are just starting out, some banks may not consider your rental income in your Debt To Income ratio so you may already be temporarily capped out.

If you have 20-25 % down and good credit you should be able to do a debt service ratio loan.

Now, I'm not used to that - in my world (acquisitions), you identify a property, complete due diligence, arrange debt/equity and 60-90 days later the asset is yours.

This would put it around $120-140K in ARV based on comps within the last 30 days.Current market rental rates for this property are in the range of $1100-1300 per month.Gross expenses are currently at~$850/ month, including debt, insurance, taxes @ 4.75% rate. 

If you assume that your non-debt related expenses are 45%, that leave you with $1100 for debt service and profit (if any).

The question is: When it is time for the tenant to finally pay, does the tenant pay us (the new owners), or the old owner whom the debt accumulated under?