You might find it challenging to get any type of institutional loan due to property condition.  

These - as long as they are provided via SIPC/FINRA licensed institutions and advisers - can be a good means to finance investment real estate.

Another thing to consider, and someone correct me if I'm wrong, but the ability to refinance the acquired home in to a conventional loan with a financial institution will also depend on your debt to income ratio.

@Richard MichaelI work for a large firm with one large institutional client that invests in pre-development land throughout the U.S. and Canada.

@Greg Nolan  "selling broker put herself down for 3% on both sides of the deal"When we did one of these back in '94 the broker was prohibited from participating - - it's called insider trading. 

Depends upon who is your buyer.If you sell to the end-user who will occupy, ARV will be ~= FMV.Any other buyer, the ARV needs to leave a margin so your buyer sets:ARV + a margin = FMVWithout a margin, someone like a wholesaler can't participate and someone whom you thought would buy, never will as there's nothing in it for him.

Were you previously with one of the large institutional investors? 

I think some institution will allow you to get HELOC up to 100% for owner occupied.

3) Any advice or if you're a willing participant to mentor someone with over 10 years in the multifamily industry on the construction, maintenance and renovations side?

I raise capital from institutional investors to provide project financing solutions to developers/builders in the Greater Toronto Area in the form of equity, mortgages, and/or subordinated debt.