Sometimes it can be better than a bank, private lender or hard money.

These covenants are private agreements put in place by the developer or builder.

You would want to find a private money partner for this who wants in on the deal.

Has anyone tried to operate a business on a plot of land with minimal development until it builds revenue for a structure (flea-market, private park, outdoor event venue, etc)?

Also you can call your local Escrow  officer and ask who she/he see's doing private loans in your market.. 

However, I know of some great wholesale nationwide providers/private companies.

Will he co-sign on loans from banks or private lenders, or will he just say, call 15 banks?

I sent you a private message.I don't restrict certain breeds, but you may want to consider it.

The seller doesn’t need to know that the underwriters may give you more of a hassle than other buyers.Or do you have lines of credit or a private lender so you can make a “cash” offer then try to get the financing through before close or at worst just do a cash out refi after close?

And who cares if they did, the tenant moves out and you just rent to private pay tenants.