As a family-run business we’re curious—what factors do lenders prioritize most when evaluating projects like ours?

The builder could easily take on the project itself.

Renovated basement recently to prepare to rent out.

The property is in a rural area, so I'm trying to project how much demand there is. 

@Zach Howard some copy & paste advice below:)-------------------------------------------------------------------------------------------------Recommend you first figure out the property Class you want to invest in, THEN figure out the corresponding location to invest in.Property Class will typically dictate the Class of tenant you get, which greatly IMPACTS rental income stability and property maintenance/damage by tenants.If you apply Class A assumptions to a Class B or C purchase, your expectations won’t be met and it may be a financial disaster.If you buy/renovate a property in Class D area to Class A standards, what quality of tenant will you get?

Is it better to have a job or business that is doing well, then funnel the money into larger projects, if my desire is to be one of the main GP for like 33-100 unit multifamily projects?

Refinance after project, cashed out and continue to receive positive cash flow.

For instance if you buy a duplex and plan to significantly renovated it.

This is how they ensure the work is completed and the project is staying on budget.The questions you should be asking are what is the draw process.

He has $50K to put down and plenty to do whatever renovations he would want to make.