I know what you mean with the money thing....I had a hard time accepting that I was going to have to pay a pretty penny to keep him somewhere, but it's worth it.
The place you are talking about sounds really nice! So are there no stalls at all? Or you choose not to use them (price reasons?). That might also be something to factor in is the condition/size, ect of the stalls. Will price go up once the arenas are built? But since they are friends and stuff, It might be more of a comfortable situation. Me personally, It was really hard to realize someone else will be taking care of my horse. Now that I think about it, there are 3 different ppl at my barn that take turns cleaning/feeding. I seem to be ok with it now. If it meets your standards than I would say go for it!