Did they previous take on bridge debt and has that caused them undo "pain" in the recent years?

Personally that would be a pain to maintain and do lol

And if your investor friend’s private loan helps fill in any gaps, it might be worth considering that short-term pain for long-term stability.What do you think you’d focus on first... paying off that line of credit as fast as possible or jumpstarting the renovation to boost cash flow right away? 

This can create a subtle but effective pain point for the landlord—especially if they’re not excited about taking on those responsibilities.

All of that being said I think you have to get to a place in life where your current situation is more painful than the pain it takes to figure it out.

Then you are in control of that money.Dealing with an insurance came is never easy, and sometimes it can be downright a pain.  

I'm a licensed lender in Washington (and many other states), I invest as a "side hustle" and grew up in Seattle, so I feel your pain.  

You won't regret keeping this after 5 years, but you may feel the pain of it the first 5 years. 

You 3-year stepdown will be a little painful, but, it could be worth it if the funds are needed.

Quote from @Paige Corsello: Hi Bobby, the majority of my business is in Pittsburgh, PA and Florida Paige I can go 80% cash out in PA In FL I can go 75% cash out and 80% rate and term