Nobody can comment on what's equitable without knowing each partner's strengths & weaknesses and the specifics of the property being purchased but here's what I picked up on immediately: Why not form an LLC and have a partnership agreement? 

Alternatively, DSCR ratios may not work out due to efforts to maximize the loan amount and avoid additional cash contributions. 

What specifically did you do differently on this property transaction, than an owner-occupied property transaction?

Penalties:Misdemeanor of the first degree: This can result in a maximum imprisonment of one year and a fine of up to $1,000.Civil penalties: You may also face additional civil penalties depending on the specific circumstances.Permitting issues: Local permitting authorities might withhold final approval, revoke the permit, or pursue other actions against you, maybe not give you the CO. 

If we can help with any General Contracting specific questions please let us know.

I have a cash buyer looking specifically in Richardson.  

Where are you getting stuck at specifically?

When you counter, or make a substitute offer after the seller says no to your original offer, all you're doing is telling the seller your first offer won't your real offer, so the seller will keep countering until the squeeze you to death.Make one offer, no counters, no alternates, and they either accept it or they don't. 

Get to know the specific neighborhood, RE is hyper-local, there is no single market in any metro area, it is comprised of many micro-markets.

Quote from @Rowan Miele: When it comes to loans, check out FHA or conventional options, and maybe chat with a local lender for specifics.