Many companies are also limiting the claim for mold.

For "Foreign Borrowers" your loans are very limited. 

Hopefully, based on actual field measurements, past project data, and estimating software, your contractor can develop a detailed estimate that lays out the cost of labor and all materials for each phase of the project.

Now the island has limited owners to one guest per month.

What if they build just outside the city limits, so they are not paying city taxes?     

The public searches are pretty limited in scope for a true investor. 

Nonetheless, I am not out to impugn anyone's intentions and I do understand (as Jay rightfully points out) that the self-employed (my situation for the past 20 years) especially run into times in their lives when conventional lending sources are of no use due to limited reportable income and other factors (such as when, for example, you retire in your 50's and begin to live off of your lines of credit, etc.). 

The type of property can influence the risks you face, so coverage limits matter.

While there are some limits here (you don't need a pasta maker), asking about having a plunger in each bathroom closet is insane.

My belief is that if you can find a good enough deal, you can make it work - even with limited track record.