One hurdle you may have depending on location is zoning approval.

Applicants offering to pay a year of rent upfront is a red flag.

Tenants still win most disputes in red states as well...evictions may be a little easier, but it's not like there are no problem tenants in Texas. 

You can also speak with real estate brokers, title officers, other investors, the local zoning officer, etc.  

The county is the second fastest-growing in the U.S. and the fastest in North Carolina.The zoning for the project is already approved, and with our captive audience of potential tenants, I’m confident that all units will be leased upon completion.I’m seeking advice on how to best structure this debt with a private investor or investors in the short term until the property is fully rented and long-term financing is secured.

Zoned 401-commercial. .353 acre lot7 0f 8 units updates in past 7 years. unit 8 in good condition long term(13 year tenant). all 1 bed/1bath. fully occupied. 4 units on 1st floor, 4 units on 2nd. just had the parking lot repaved spring 24', good drainage.

@Arn Cenedella The larger syndications that are raising their funds through smaller check writers is a red flag in my opinion. 

If they are under 600 we consider it a red flag but not an immediate denial.

Is it flood damaged or located in a flood zone? 

Bryan, it sounds like you're in a tough spot, and there are definitely some red flags here, especially with the property already being sold and the lack of communicationYou mentioned the borrower has many properties across states.