Without having the cash on hand I'm wondering if a private money loan is the only type of financing to work around this barrier.

What would be the best way to approach this situation to recover the money owed? 

I need advice on the best allocation of my money and how to achieve this.

@Chris Seveney fools and their money are soon parted!

Hey guys I’m here because I need help from the experts.Have a comercial property that a friend of mine is trying to sell,I feel he’s overcharging us for the property because he’s not asking us for no money down which I know for a commercial your looking at least 20% down.He’s asking $790,000We looked at the county records and is showing is value at $450,000.help!

I have 2 private money investors that have enough cash combined to do the deal.

So you'll want meticulous records that show the money going only into that property.All this being said though, you may find that it is to your advantage to not try and carve these out of the sale. 

I think it becomes hard because of the unknown variables of time toward money output and also keeping up with the laws as they are constantly changing.

Exercising may cost a little money, but it places you in a much safer position.

I've dabbled in the new construction space here in Chicago and there is A LOT that goes into it...I'd highly suggest spending some 1:1 time networking with some other investors like @Jennie Berger or @Prashanth Mahakali who are both Chicago developersYou make your money with the land purchase and then systems/processes/volume over time in the development game, but it's not easy and competition is high!