I'd want to ensure they aren't crossed up there, but it may be that the property is owned by the homeowner still. 

I am now going to go back and reread the email to ensure I read correctly!

Any creative financing ideas that would help alleviate the immediate cash need? 

I definitely don't want to wait 2 years before purchasing, so I'm looking for some alternatives.Does anyone know creative ways to get around this requirement and get a mortgage?

Private Money    Be creative is the goal.

We have enough equity between 3 properties (one listed) to put 50% down in theory, but they review offers in a week and it will 100% sell.Are there any creative loan options to tap into equity and future sales to make this happen?

They don’t have the money to do the short plat process but would like to find a developer who is interested in this creative scenario where in the end they have a smaller lakefront house and $1million. 

I believe with the yield available from purchasing performing notes generally being below our target, and with the risk and pricing too high for most non performing offered, and so many hard money lenders originating in single digit interest rates, that we needed to get creative to invest our money for our portfolio to yield our targeted return, without increasing our risk.

This property allowed me to be an out of state Landlord, use a creative way to purchase home, sharpened my forced equity skills, and learn a different state's real estate market.

Local banking relationship may be able to help you with creative solutions.