@John Semanchuk @Jay HinrichsYea that does look pretty elegant.

I highly recommend him.In January of 2019, I performed a site survey with a small company out of Tracy (unfortunately there are no longer in-business).Over approximately the next 8 months, Adam and I created a simple but elegant design for a new garage with a 1-bedroom apartment above it. 

Very elegant 1960's 250GT.

I underwrote the deal with MTR comps for shared houses and apartments in the area and the competition is super weak with terrible marketing, and most offerings are in houses with a family or grandmother, cluttered shared space, lacking amenities, beat up furniture, terrible photos, don’t offer refunds if the nurse’s contract is unexpectedly canceled, won’t allow mail deliver at the property, among other things that we would consider “not traveler friendly” The property I’m arbitraging is ideally located, brand new rehab inside and out, high end finishes, hardwood floor throughout, elegant furniture (mine), in suite W/D and dishwasher, parking, 3 minute was to subway, etc.

But it's an elegant situation for you if he likes it.

The other times we look to provide an elegant way for the borrower to gracefully exit the property. 

My best guess is completion in the 2nd half of the year as I assume they will find an elegant way to do it. 

In my view the assumption of the mortgage is the most elegant way of structuring it.

It's a very elegant solution that has several benefits to you.   

There would still be some costs there but to me this is probably the most elegant solution based on what you're describing, if you choose to do anything.