So the money partner increases their new worth quickly as the property forces equity usually through repairs.

Money was deposited into my account the day after checkout.

Quote from @Derek Harville: You could accept it and then sell it to recoup your money. 

I have the private money lined up for the 25% down payment.

Or can he be just a silent partner with his money and I have a separate agreement (legally drafted of course) without him on the loan, credit, insurance policy etc.  

Meaning, if you take the money only, you would have depreciation recapture from your cost basis up to the original purchase price of the building (not including the land cost because it wasn't depreciable), plus a capital gain up to the insurance proceeds.Hope this makes sense. 

Lastly, build relationships with cash buyers and hard money lenders early on—they’ll be key to closing deals quickly. 

One way to save some money, especially if you are local is to split the job. 

Fortunately, we didn't lose money on this property but just broke even.

Hard Money then refinance traditional residential after renovated.