I spent years there in Jackson did probably 1000 flip loans to locals and owned at one time 200 sfrs..

Your first step is- Get approved for a loan (unless you plan on paying cash). 

That doesn't seem right about having to chase your money - but would need a lot more info to provide a better opinion. also are you investing in one property and is your name secured or you giving an unsecured loan? 

Here’s what made a difference for us:🔹 Mortgage Relief – Many lenders offer disaster relief options like payment pauses or loan modifications.

At first blush it looks like you're finance at $500k, so getting a loan for $375k.

I plan to offer owner financing to others that can't get a loan.

If they can afford to stay, chances are they need to refinance and get the X name off the loan.   

Quote from @Jaycee Greene: Assuming you pay asking price, I'd estimate the down payment for something like that using a hard money loan (HML) would be around 40% of the purchase price and your monthly payment would be $2,600 with an interest rate in the low 7% range (probably need a 700+ credit score to get that).

You can talk to the bank about a loan; however, my bet is they will want some form of contract and scope of work and will only pay him at set milestones.

This means sizeable monthly payments, but if utilizing with Value Add you can pay off the loan without a pre payment penalty at any time.Hope this helps!