The choice between maintaining liquidity versus reducing debt will largely depend on your priorities and future investment plans.As for subdividing or CPRing the property, there are several advantages.

Congratulations.Tough decision.I think you really have no choice but to sod at least the front.Don't use fake turf, and it isn't cheap anyway. 

Also, how much does the borrower’s track record or experience influence your final choice, especially if they've had success with similar projects?

@Greta Andrews Both real estate investing (REI) and business acquisitions can be profitable, but the choice depends on your goals.

Everyone has provided great insight so far, but ultimately your obligations as the landlord and the tenant's obligations are defined in the lease. 

Hello Bigger Pockets folks,I’m an early career professional mechanical engineer (~8 years) hoping to learn the ways of real estate investing and make the ultimate pivot.

What are the alternative choices if you don't pursue this?

But, it is the choice of the “student”.

Ultimately, it depends on what’s going on in your local market and how involved you want to be in managing it.A firend of mine who was managing a similar property in Scottsdale ran into some issues during a vacancy period.

While real estate is more passive once stabilized, acquisitions can require more hands-on management.The choice depends on your goals.