  Ultracold paramagnetic and polar diatomic molecules are among the promising
systems for quantum simulation of lattice-spin models. Unfortunately, their
experimental observation is still challenging. Based on our recent
\textit{ab-initio} calculations, we analyze the feasibility of all-optical
schemes for the formation of ultracold $^{87}$Rb$^{84}$Sr bosonic molecules.
First, we have studied the formation by photoassociation followed by
spontaneous emission. The photoassociation rates to levels belonging to
electronic states converging to the
$^{87}$Rb$(5s\,^2S)$+$^{84}$Sr($5s5p\,^3P_{0,1,2}$) asymptotes are particularly
small close to the asymptote. The creation of molecules would be more
interesting by using deeply levels that preferentially relaxes to the $v''=0$
level of the ground state. On the other hands, the photoassociation rates to
levels belonging to electronic states converging to the
Rb$(5p\,^2P_{1/2,3/2})$+Sr($5s^2\,^1S$) asymptotes have high value close to the
asymptote. The relaxation from the levels close to the asymptotes creates
weakly-bound molecules in mosty only one vibrational level. Second, stimulated
Raman adiabatic passage (STIRAP) achieved in a tight optical trap efficiently
creates weakly-bound ground-state molecules in a well-defined level, thus
providing an alternative to magnetic Feshbach resonances to implement several
schemes for an adiabatic population transfer toward the lowest ground-state
level of RbSr. Finally, we have studied STIRAP process for transferring the
weakly-bound molecules into the $v''=0$ level of the RbSr ground state.
