Especially considering what alternatives you have (or don’t have) for that money if you sell.

Gotta be patient now or find alternate means!

One alternative is to utilize leverage up front and set the balance aside in an account as @JD Martin mentioned, and re-evaluate your position every six-12 months. 

Can you grow some alternative in the same space now like lettuce or something like that and easily convert?

You can have a partner who meets the net worth requirement if it is not you.The alternative is to seek private funding for a year maybe two, reposition the property at a better stabilized run rate and then get a loan from a CU.

This is a fantastic leverage opportunity to get a price reduction or owner carry, as the alternative is admitting to the IRS that they lied.

You all have provided some creative alternatives that I will dive into and see what works with the seller and lender.

It seems like a reasonable alternative to a month to month lease, without it being a month to month lease.

Another alternative is to split it per tenant.

Alternatively, you could pay him a percentage on "top" of the work he supervises to get the house in shape.I would also think a "lease-up" fee would be appropriate.