Real Estate is always a risk but this would minimize his risk.

In the first week of 2018 I had two tenants just up and leave with no notice, a client lost his job 6 days before closing, and a clerical error delayed the launch of my new website for at least 2 weeks. 

@Damon AnitonAs long as you're fine with minimal to no cash flow and just want the equity paydown, then I'd say go for it.

Could be a mountain view, proximity to town, etc. something non trendy that will always be valued4) generally a lower tax state5) minimal weather/natural disasters 

Yes, indeed, for legal purposes there are tax incentives to minimize taxes.

I personally try to minimize grass areas(this helps with water too). 

What are people doing to minimize the risk of the landlord taking his rental back once your lease ends after all the hard work in year 1?

Delays in construction and builder contract skewed in favor of builder Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

For others whose priority is minimizing cost as opposed to leverage and speed, banks are generally a better option.Hope this helps,Michael

Since you are not in a hurry, I would pretend the delay is causing you grief but that you are willing to give him another 15 days.