Based on your description, it sounds like you would violate the self-dealing rule and could put your SDIRA at risk. 

I have about $300k in equity (based on a BPO performed in July 2023) but no cash.

For those of you that are more experienced in this space, would you change your financing approach based on this new information?

Or, at least a contractual commitment from him that we can revisit the share allocation based based on the depreciation recapture based on when, and how much, we sell the property for. 

Based on rent of $1,695, I think you'll be lucky to get an appraised value of $160k with a CoC return well under 2%.

Lastly, if all this process seems like just too much and not for you, I suggest talking to @Chris Clothier that's who I'd personally go to if I wanted to make some market purchases off someone's word of it.

I don't get the term "DSCR loan"   I mean all loans for 5+ units are based more on the property than the buyer.     

I'm based out of Fairbanks, Alaska.

Quote from @Derrick Roland II: "but based on my pre-approval"  This is the most important phrase of your post.Where did you get that pre-approval? 

Last time in my MFD ( multi Function Display) went off line and I had to break off and climb out of the clouds get on top and go back to home base.. that was a 15k  box that broke :(