The only negatives with an assumable loan is that they take longer to close, 60-90 days generally, and you would also need to come to the table with a little cash to cover the sellers equity (if any) and some other closing costs. 

are you already in a strong financial position - emergency fund, savings, maybe a retirement account?

The loan cannot be assumed, but I am looking for any creative way to inherit that low monthly payment and allow for even greater cash flow in the future.

No, I’m just trying to save them from wasting $25,000 and 6 months time on something that won’t work, and if it did would probably put them in a precarious legal position.  

The property is being sold as-is / cash only by the management/Hoa of the development.

If you're applying for a Conventional/FHA/VA/ or USDA loan, then they will do a "global cash flow" where they take into account your PITI (Principal + Interest + Taxes + Insurance (hazard and flood) on all properties (second mortgages included), HOA payments, car payments, student loan payments, credit card payments, and installment loan payments in the numerator and your gross income in the denominator.

I'm all about equity and I think it is OK to not have cash flow, but you need to have a plan to continue paying the mortgage if things get tough.

They are offering a syndication fund for section 8 housing paying 9% dividends and 60% annual profit sharing of cash flowing properties in the portfolio. 

is there a way to cash out refinance 2 properties I own?

Purchase price: $1,500,000 Cash invested: $50,000 Duplex was in foreclosure.