Some lenders do have minimum credit scores to access these loan types, but it is the exact same qualifications for income and assets as non renovation loans. 

The job starts when paperwork begins , ordering materials obtaining permits , lining up subs etc .

With a passion for finding undervalued properties and transforming them into profitable assets, they are eager to learn, grow, and build a successful real estate portfolio.

The building of an asset that is down nationally is a risk.  

As world economics and geo politics have become more of a constant, this Teak investment will serve for diversification in asset class, maturity- since you don't have to harvest, currency arbitrage since main customers are China/India/Europe. 

if anyone has successfully obtained a second mortgage.

I think the shift toward risk-on assets is lowering demand for safer investments like T-Bills, especially as investors look to outrun inflation beyond what CPI numbers reflect.

Underwrite the asset. 

It depends on your goals, I would say outsource the management & hold the asset as nobody has regretted owning real estate on a long term basis. 

@Jason Seay, if they're married the deposit is a marital asset.