Here, a long term tenant is defined as a tenancy >5-yrs in duration and in such a situation we must provide 3-months notice of termination.Check the tenancy law in your jurisdiction to see if there are additional right for a long-term tenant, and service notice when you are ready.

Then refinance to a conventional loan for the duration of the holding process.

I know it's a relatively simple and inexpensive process to get an LLC, but won't the homeowners insurance that I get for the duration of the project cover me? 

LOAN TERMS AND CONDITIONS(1) Borrower must have a working bank account in his/her name or company name which will be used for the transfer of the loan.(2) Borrower will start the repayment of his/her loan( interest only) A month after the loan has been transferred.(3) Borrower will be given four weeks (a month) grace to payback the principle(loan amount) at the end of the loan duration before legal actions will be taken.(4) Failure to pay back the loan at the expected date / period, legal actions will be taken against the borrower by our attorney.(5) Address:You must inform us about change of circumstances and must tell us promptly if you change your residential address or zip, or if you think there is any information That We Should be aware of.(6) There is no early repayment penalty.(7) Interest: Interest rate shall be 5% irrespective of the loan amount.(8) Loan Process: It takes the interval of 2 to 5 days from application to funding.(9) Loan Amount: Loan amount ranges from $5,000.00 to $5,000,000.00 .(10) Loan duration: Loan duration ranges from 3 months to 20 years.I will need your confirmation if you are in agreement with the above mentioned loan terms and conditions.

The discount is returned to the investor over the duration of the investment through the borrower's payment.

In a purchase money second the lender making the first mortgage must be informed of the amount, terms and duration as well as the payment as THEY qualify the borrower with the second mortgage being involved.

Duration of the loanCan I make all payments at the end?

My advisee would be to, if you can, keep your loan duration at 10 years and under so you are building equity faster, then in 10 years you start to get the full CF again and that can be a really nice thing when your tenants buy the property outright for you.  

It differs from market to market, it also depends on the duration of a project, your relationship with a person, and how much are you willing to pay.

Another factor is the time duration it would take to get an appraisal done.All in all, if property condition is something you'd like to be accounted, I would select the real life appraiser.