Looking at this from the bank's shoes, someone called and told them: "Hey you screwed up by securing a loan without doing your job".

The older I get the more I need house shoes.

That means my EMD (Earnest Money Deposit) is tied up in that property until closing.My only question to this would be, why are you waiting until 2025??

This seems like a simple issue to me.If you can pay all cash,And paying all cash doesn't tie all of your capital up preventing you from being involved in other profitable deals, By all means pay cash.

for those of us that still have to rely on a full time job else where, I like the concept of having that money liquid verses being tied up in a home.

The mortgage broker wants to make a loan so that he can get paid, but his hands are tied by the market. 8)

On the other hand, it will tie up a good chunk of capital in the property.

I consider the backsplash to sometimes be the "great unifier" of the kitchen, and with those mosaics you can bring in each color to tie together.

@Philip Pape If he is providing all of the money, coordinating the rehab, and bringing all of the experience I think you should pretty much be OK with whatever structure he wants to go with and use it as a valuable learning experience.At minimum If I were in his shoes I would want you to be a personal guarantor on the refi side, deal with the back end selling of the property, and to deal with all of the day to day maintenance once stabilized to even think about giving you 50% of the deal.  

Of course you will need to tie into the sewer pipe but with easy digging it can be tapped into.