I have found BECU to look at things more favorably than other local banks.

So far, the cards have come up in your favor. 

The Solo 401(k) also has the advantage of being more favorable for real estate investments using debt-financing such as a mortgage - as the 401(k) is exempted from a small tax called UDFI that an IRA would pay on the percentage of income derived from the borrowed money.If your intention is to have the retirement plan invest in leveraged rental property, I can pretty much guarantee you will find either of the checkbook plans to be much better tools.If you have qualification for the Solo 401(k), the exemption from UDFI on a leveraged property investment will be a nice benefit. 

He may have done you a favor in the long run.

Most investors avoid rentals in the city at that price point because  of how favorable the courts are toward tenants.

He suggested a 60/40 in favor of me, which sounds reasonable.(2) If we renovate and decide to keep the property and rent it out, how do we structure profits?

Account Closed  If it's me and I'm starting over, having the working knowledge and BP info, I'd be sure to choose a spot that's growing, reasonable in terms of cost, and has favors landlords (assuming you want to have long-term rentals). 

After taking over an LLC that controls 4 condo units, each with mortgage balances of $13k w 75% equity, I need to refinance into a more favorable mortgage.

I have known property managers who ignore the clients of lower priced listings (regardless of price and pictures) in favor of higher priced ones.

Worst case if something happens to the developer, you would have the land.Reality is at this time supply and demand are in favor of sellers (developers).