Considering your situation and goals, here are some insights to help you navigate your options:1.

Also, didn't know that temporary buy-down was an option so I'm learning something new!

My worry is that it is almost end of the month and he still didnt do anything at all on the project.What are my options if he comes on May 1st and tells that he has no money or that he will pay in installments?

Prime + 1.5% is pricey, but a good backup option. 

We keep your doc's stored in a secure portal that you have access to and we can use for any purchase or refinance in the future it does cut down on the time frame next time around.It's also good to take a look at other bigger banks programs and how they can help offer lower rates and not have to pay points like lenders and brokers charge!

I'm part of another mentoring program (Brad Sumrok) that costs about the same, although I'm at a lower level strictly for passive investors. 

I help with guests' communication, responding to inquiries, writing reviews, coordinating guests' check-in and check-out, and arranging cleaners for turnovers at far much lower prices.I'm new on Biggerpockets but I have experience working as a virtual co-host and I presently help to manage 2 properties in Atlanta, and they are doing great.

If you plan to use a third option, look there as well. 

But I'm open to other options.

Dividing it up into 17 acre lots would be an option as well.