Unless you're working with Private Money that is going to carry the risk of your lack of experience, banks want to see experience, Net Worth and liquidity after close to consider the terms.I started with single family, four plexes, and remodel flips for a lot of years before getting into larger deals. 

I figured why not just use a banks money instead of using a customers money and not have to deal with picky customers.

This practice also frees up more money for lenders to use to fund additional mortgages.In "non-conforming loan" world, anything goes.

I can tell you that they are not where there are at today because their investors aren't making money on their deals. 

I'd spend the money on vinyl.

There's actually some deeper nuance here than just the holding period. 

However, there are other loans designed for fixer uppers referred to us hard money loans, bridge loans, or fix and flip loans but whatever you want to call them they're essentially short term, interest only loans with no prepayment penalties designed to finance a higher % of your purchase price and typically all of your renovations not to exceed a certain % of the ARV (typically 75% max). 

NO THE ASSIGNMENT FEE IS NOT YOUR MONEY.

A fool and his money are soon parted. 

I would only underwrite based on actual rents not proforma.