Based on Micro and Macro local market and economics the ARV can be subject to many changes come time to get the appraisal for exit and many investors slip when it comes to margin to make the refi make sense.

Fannie does allow vesting to be changed to an entity after 6 months of seasoning on title AND the original owner must have continuity in entity that is being added to vesting.  

A good electrician is going to cost a chunk of change to replace all of the wiring for the house, and a good Plummer will be pricey to replace the old pipes.  

In other words, they cannot later change their minds or memories and say something different.

If this isn't an attractive alternative to your business partner then you might consider changing the ownership structure or operating agreement as one of your options.

However, there are tax code changes every year.

My last response was two years ago and my policy has changed since then.

Especially with all the changes in the last couple months.

They'll also change they rules because they don't want to mess with, count, hold on to, $1,000,000 in cash, so they'll switch it to cashiers checks. 

You could change that money in a rolling it over into a self directed IRA and you’d have more flexibilities, but you have to be careful with the rules for what you can use this for real estate.