Silent Credit Partner Compensation

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A friend of mine owns a property 50/50 with another couple. The property is worth $1M. Property has 3 units with $4k+ rent potential The couple wants to sell to move out of state. My friend wants to stay on the property until his parents pass. He owes $50k so there is lots of equity. He is having difficulty qualifying for conventional lending since there isn't rental history (owner occupied) and his business is often cash (unreported income). He makes $5k+ per month with no debt and $1300 PITI. I've been trying to brainstorm pathways forward and would appreciate your advice.

Here are some ideas.

1) Qualify for cash out mortgage ($550k) to buy out partners. Strategies to qualify?

2) Find a silent credit partner to cosign mortgage in exchange for equity. (where to find credit partner? , What % is fair? )

3) Cash out refi with existing partners to cover down payment on new place. Partners earn rental income. However, partners want out of property and want to sell.

4)Sell property with agreement that friend stays on property as renter until parents pass

5)other ideas?

Thank you for your advice and support.

Have the friend look into a DSCR loan. It will require him to get the other 2 units rented, but with the leases, so long as they are equal to or up to 15% more than the PITI mortgage payment, that will work. No income or employment is put on the application, other than that, his credit score will dictate the highest LTV and best rates. He will need to have 6 months reserves, but some lenders will allow the cash out to cover that requirement, some lenders wont.

Call a lender that specializes in Non-QM loans, they will have these programs.