They allow you to include up to 6 months of rent payments in the loan if you are unable to occupy the premises during the renovation.Just to be complete, it's also worth mentioning that both the VA and USDA have renovation loans.

This project I expect to have fully complete renovation wise in 2 months and am coordinating alongside my full-time PM support. :)

To be more specific about what i'm looking to do: My 1-2 year goal is to employ the BRRRR strategy with SFHs and Condos by buying distressed / highly undervalued properties that need work (preferably all-cash) in low crime areas with strong rental demand, renovate them within budget (again preferably all-cash) and get them rent ready before refinancing them at the highest ARV possible.

Some will handle their own renovations, while others might negotiate a TI allowance.

I'm on house number 4 that I've lived in and renovated, so I agree that's a good strategy (I've done it just through life, not actually a purposeful strategy). 

I capture the receipts as soon as I leave a home improvement store and it has saved my butt because those receipts pile up fast when you're in active renovation on multiple properties. 

Currently have a cohost and have only rented it out one month,I  did beautiful renovations and install.The positive income is going to eat away at our retirement when he retires.

Coupling all of these (if capable) will grant the most favorable return.I know some buyers will not be comfortable buying a multi unit and some aren't comfortable with buying a home that requires renovation, and some won't qualify for down payment assistance.

I'd level up with a BRRRR, live-in flip, or house-hack before jumping into a challenging renovation.

The property took $350k to renovate, on what was originally a $210k budget, but we transformed it in to a gorgeous 4,500 sqft, 7 bedroom, 5 bath, luxury Airbnb.