Financial Advisor says: Real Estate is a terrible decision

[Ty Doke]

I am under contract on a property. My partner is providing the capital for down payment, and renovations. Partners capital is currently in mutual funds with a Financial Advisor Firm.  We met with his advisor about 6 months ago and presented the plan to use that capital to purchase real estate, renovate, then refinance out equity and recycle that original capital into next deal.  At that time (6 months ago) the advisor said, we at this firm cannot offer anything that will come close to the returns that real estate provides, so go for it.  

Now, my partner calls the firm to move the funds from these mutual funds into our company bank account so its ready to go to close on this deal and his original advisor's father in law (owner of the firm) hears that my partner is moving his capital out and he tells my partner (without any knowledge of the deal no numbers or anything) He tells my partner that Real Estate is a terrible idea.  He will lose his money if he invests in real estate.  He said it is never a good idea to move money out of a mutual fund, and into real estate deals.  Real estate only  make sense if you can do it without putting any cash into the deal.  He claims he has invested in real estate many times, and has been burnt.  

I am meeting with my partner and his advisors father in law (president of the firm) to present the numbers on the deal.  I am just curious BiggerPocket community, what points would you bring up to this Financial Advisor?  

Little background on the deal.  Its a commercial property with 4 basement apartments, room to add 2 more apartments (4 apartments currently rented for $2400 a month total).  Upstairs is a 4000 SqFt vacant commercial space (gutted) in a downtown of a smaller town 20 miles from major metro.  Our offer for the property is $140,000.  

Any input or suggestions are greatly appreciated!

Have a great day!