Quote from @Eyal Goren: First time investing in Cleveland. 

Generally the thing that keeps commercial/industrial investors afloat is access to large sums of money to survive a downturn.It sounds more like this property is an outlier in your wheelhouse and portfoliio. 

It took me ten years and dozens of deals to syndicate my first investment with investor money--and even then all my investors were co-workers that invested because they knew me and had seen what I was doing.  

You have NO leverage, no matter what he builds or does not build, except for the developer saving some money in legal fees and cutting down on mesne profits damages.

I'm a part-time CFO (Chief Financial Officer) for real estate developers across the country, most of whom are trying to give back to their communities through their real estate development skills.I'm also a former Director of Lending for a CDFI that lent money to local developers rebuilding LMI and under invested communities. 

Most of my clients stick to private money.  

  $1,500 is a ton of money for a 17 year old.

I know you don't have money for a downpayment yet, but when you do, rent out rooms or buy a duplex or triplex and live in one side and rent out the others.  

I was new to the SFR investment world, and it was important to me to work with company with good reputation that can act quickly.

Snow Milwaukee is a great market to invest in.