The best way to think about it is you're in the business of renting a property-that business isn't operational until it's ready and available for rent (aka in service). 

If they were part time and weren't up to date on training, most probably go away. 

In Pittsburgh, where I live and operate, this would be a two to three-month process in front of almost all out local district magistrates.

I operate 14 properties from the same checking account.

Most lenders will vary how aggressive they will get based on the experience of the operator (you), but I don't know any that will lender to someone who's never done a spec build like you're contemplating.

I disagree--there are more tough times ahead, but as stated above there is light at the end of the tunnel and this time it's not a train. 

Supplement this far simpler entity approach by ensuring you have appropriate types and levels of insurance, you operate your business in a manner in which your conduct is not considered an exclusion in your policy, you work with licensed and insured vendors, you execute contracts with indemnification clauses with these same vendors/ require additional insured status &  maintain appropriate licensing and permits.

It has been operating for 2 months now.

Hypothetically, if I found a property with strong rental demand, the income could cover loan payments, operating expenses, and generate a modest positive cash flow.While this example involves upfront risks, the idea would be to leverage my father’s expertise as a contractor to minimize renovation costs, boost the property’s value, and create a long-term asset that appreciates over time.

No lending institution or bank would be permitted to operate with those ratios.