Even if such a loan existed (which I doubt), once Vincent self funds all improvement costs, finance charges, carrying costs etc., I doubt he's any better off.

I can buy a 2-4 unit with 20% down vs conventional can only buy a 2-4 INVESTMENT property with 25% down 4. there are options where DSCR loans dont repot to personal credit, helps in not having to show a bunch of paperwork or not one person in a partnership has to carry the debt5. way less paperwork to close on this loan type vs a conventional loan. we care about the income of the property you're buying and it's ability to service the debt of the property whether we use long term rents income, lease income, or air dna/bnb income.6. easily buy in partnerships, add people to your operating agreement, its as easy as that so bring partners into a deal. helps with scaling and raising capital or getting partners involved7. gift funds allowed to close on these as well, and like I said earlier, there's only a 10day seasoning period of funds with some lenders so that means you can literally have a private money lender deposit money into your account 11 days before closing, and you can use those funds to close!

Proceeds to segregated account to be disbursed ONLY on rental property improvements and expenses to preserve the deductibility of interest on your Schedule E.

My question is why you want to bring it up to code, other than just to feel good or improve your exit strategy?

Investing in your self improvement is wonderful most people do not have the mindset for growth.   

My suggestion to improve your cash flow is to find another bank/lender.

My strategy would then be to lease at least two of the renovated units, increasing occupancy to 90%, which could improve the chances of securing favorable terms for refinancing.I haven't pitched it to the seller yet.

For example, if she can't visit the property, is she good at record keeping (so everything is organized at tax time) or finding vendors, comparing product prices, finding free or low cost items on Facebook marketplace to improve the rental)3. emergency fund.

University of Kentucky and Lexington-Fayette Urban County Government Land Swap: In 2018, the University of Kentucky exchanged 250 acres near its Coldstream Research Campus for control of several important roads in and around campus, contributing to economic development opportunities and improved urban planning. 

To further improve cash flow, look into doing MTR(travel nursing) or if possible STR(more risky).