So you'll have to give them US collateral and they'll charge you 8% interest.

Which kind of puts your buddy in a precarious position, as he'd either have to do an unsecured loan or secure it via some other property/collateral.

I have seen and issued plenty of blanket/cross-collateralized loans; however, never for an OO property.

He even got me to sign a no recorse and have my house and shop as collateral...

At some point you will run out of collateral or cash; and need to change your model.

Fannie Mae guidelines suggest a larger portion of collateral either in the form of a down payment on a purchase or equity on a refinance.

you mean buy the land  Collateralize it , construction loan the build, refi out into the next because theres equity in it after completion?

Based on the price and the fact that "it needs a whole lot of work" the 'qualifications' are your credit rating, debt to income ratio, and collateral.  

yup sounds like you're doing a little bit of cross collateralization with your other properties which is totally fine and can be done . when it comes to condos in miami what you'd really need to find out is if it is a warrantable, non-warrantable or condotel property .

You now have collateral with two different banks and since banks don't like taking a 2nd position on a loan, you can't use one of the collateral with one of the banks.