Double and triple check your purchase price with your renovation and holding costs and try to hit a single rather than a homerun to start.

Another option is collaborating with an investor who has the funds for a fix-and-flip project, allowing you to contribute your expertise while sharing the financial load.

It is going to be a trade off, if you want something recently renovated you will take a lower cap rate, something that is in good condition with a few minor updates you will get an average cap rate, something with deferred maintenance you need to see a higher cap rate. 

And then let them know you are going to terminate the lease in order to renovate. 

Hello,Please i need a real estate lawyer that can review construction contract, currently need someone to review a contract i have with a contractor to work on a project for me. 

He expects to put about $4.5M into the project and the homes would sell for around $1.2M.

Given you will have renovated the property over some period of time after paying cash and doing the work, a conventional cash out refinance mortgage will work for you as an Appraisal will then show ARV.

These are all solvable problems you can draft a business plan for, then propose your strategy and projected business benefits to the host.  

Be as detailed and specific as possible when mentioning your future plans, current operation/experience level, ongoing projects, etc.

Do not fall in love with projected returns.