Acquired property by quitclaim deed. Where do I go from here?

[Seth Chase]

I recently acquired a property in Alaska through a quitclaim deed. There is a mortgage that is still under the previous owners name that I have continued to pay the payment on. The property has a small residence and a lodge on it. The mortgage is on the residence building. The lodge is paid in full. Where do I go from here? I checked the property records for the borough and I am indeed listed as the owner. What do I do about the existing mortgage and taking it over or getting a new mortgage? I want to take money out of the equity in the property when I do. Should I take I out immediate or do it after I get the new loan. The amount currently owed is approx 100k. The property is valued at over 650k. The purpose of the draw would be to invest it in a multi family property deal. I plan on using the lodge as an income property. Likely Airbnb.   What am I missing in the thought process? Any advice is appreciated.