I hope this doesn't sound to harsh, but why would a senior lender ever agree to this?

The property is in Muskegon, Michigan, which can have some harsh winter weather.

My experience was that their annual inspections were very harsh depending on the inspector, in some instances giving me 24 hours to fix an issue or withholding rent, changing the tenant portion of the rent annually, usually meaning more of it came from the tenant and tenant's portion usually late, tenants don't have much expendable income so do not keep the property up as well as others.  

Once you see how great you really have it, then you can start moving in the right direction.There have been countless stories of people starting out much much worse (in a position that would make you look like a king) that have persisted through life, against all odds, and become idols that millions of people look up to.Sorry to be a little harsh there but I just wanted to give you some "tough love" and hopefully motivated and inspire you a little.

It is decent if you are willing for a very long-term hold on the property and as mentioned above, you do need to account for repairs and more that could be possible especially if the area is prone to harsh weather. 

. - Year round tenancy vs STR market with harsh winter - No more rent!

@Harsh DangariaA lot of work to maintain your scheme. 

States without income tax are being given the first looks, minus any that have harsh winters. 

I don't mean to be harsh here, but you're trying to solicit money for a restaurant venture and have no experience in running one.

Yes, I am being a bit harsh here, but it's earned and needed because slum-lording is NOT REI, it's just slum-lording plain & simple.