If you are open to non-traditional methods of financing, you could use a debt service loan to bypass that requirement.

If you are going to have this asset for a long time it'll be worth the peace of mind knowing its updated. 

A good designer and architect are key for a successful project like this and keep in mind these aren't cheap.There's a lot more details to consider, feel free to DM me for more details.

Since this is my first project, I’m very open to any advice or suggestions—especially regarding potential obstacles I might not have considered.

That way my money can keep working for me and I have the peace of mind that I have cash available if necessary.

Still open to them of course.  

They’ll have stronger connections with both buyers and sellers, which can open up more opportunities for you!

It is important to keep this in mind as it might not be neccesary to go through these gyration to only find out you could take the losses regardless.  

My most aggressively priced lender also does not mind  :)

Hi BiggerPockets community,excited to connect with like-minded individuals who are passionate about real estate investing.