Once fixed up leased up stabilized performing with at least 3 to 6 months track record then you might be able to go to longer term more permanent financing. 

If we get to that point, we want to find a permanent solution.

They’re in town for a job, not to find a permanent home.

The Director of the Toledo Lucas County Health Department shall issue a “Lead-Safe Certificate” upon the filing of all of the following with the Toledo Lucas County Health Department:o A completed application for a “lead-Safe Certificate” to include the name, address, and telephone number of the Owner or the Owner’s agent of the residential rental property and the number of rental units at the address.o A lead-safe report issued by a local lead inspector, who has completed a local lead inspection in compliance with the requirements of this Chapter.o A filing fee of $45 (per unit) The lead-safe certificate shall expire from the date of issuance by the Director as follows:o Four (4) years from the date of issuance by the Director; oro If the residential rental property has undergone lead abatement, designed for the single purpose of permanently eliminating lead hazards consistent with the provisions of Ohio law.

I can do the spec build, but would likely need to refinance it into a permanent rental hold if that's what you're going for.

Something just a little more permanent

So it's not loan,develop,lease,and refi.It's put a property under contract, get leasing commitments upfront, the capital then goes to close on the land and fund construction, then convert to permanent financing and hold, refi to pull money out, or sell off.If the developer is newer a lender typically wants to see the project 50% pre-leased up before funding for retail.What happens is on a project by project basis as there are many variables involved.     

If they want to build an elevator in the livingroom, say no because that level of upgrade isn't 'reasonable' since it permanently changes the house's layout and function.

If you see repeat repair requests (e.g. sewer line keeps clogging) then maybe you need to work with your PM to investigate the cause and find a permanent fix (e.g. replacing the sewer line).There are just too many variables for us to give you a specific answer.

A bit about myself, I grew up back in forth between France and the USA and decided to move permanently to Los Angeles 4 years ago.