The risk is that you may have to foreclose on the property if they fail to make the payments. 

According to the agreement, the deposit must be returned if financing fails.

There are quite a few action items  most real estate investors fail to implement that are far more helpful with respect to asset protection than merely creating an LLC.

The tenant fails to pay their last month's rent and leaves the place needing new flooring and paint.

What happens often is they failed to take into account standard market appreciation for the area.  

If you fail to follow the rules, you may open your personal assets to a lawsuit.

However, in all those early discussions they failed to mention the fact that the property being owned by an Irrevocable Trust would be a barrier to them lending to me, and I'd naively assumed that the Trust would be treated similarly to an LLC, etc.So here's the situation.

You are better off waiting until this renter is out, cleaning the place up, and then showing it vacant.Your lease should include something about the tenant maintaining the property, you should inspect every 3-6 months, and you should have consequences for tenants that fail to comply. 

YOU may not need a 'jump partner', who will push you out of the plane when you start bringing up the myth's and lies to why you might fail at this project. 

Then, once you own it, you can look into refinancing without the risk of a lender failing to perform.As for which strategy to choose, think about picking one that fits your situation and has the best chance of success, especially since you're new to investing and live in another country.Vision the follwoings:Option 1: BRRR - This involves a lot of micromanaging and supervision work during the renovation process, including dealing with contractors, permits, and other details.