The agent you spoke to is probably referring to the crazy boom of the covid years where buyer's literally had zero negotiating power. 

I think what Benjamin referred to is more of a custom builder utilizing a builder loan that converts to permanent after construction. 

As you alluded to, I do try to get the appraisal done prior to the first tenant moving in.

Sub-to is the reason for the Due on Sale clause being added to the docs in the first place.

issue with sub to is its a fraction of the market by the time you find someone willing to do this for you your competition will have bought sold and profited on many deals..

At least the one I talked to  .. I

My go to is Brown Bear, Tyler Shirk

This is especially true when whoever they are selling the business to is weaker or the same strength of guarantee.If it's someone much stronger then obviously do not need both.

I’ve had success in larger markets and smaller markets all over the US however this was because of efficient operations AND being proactive in finding companies to rent to (I employ the B2B model). 

.-  Subject-to is not being accepted by any lender at the current rates.