Begin by meeting with the builder to understand his requirements.

It might require repairs and cleaning.

These loans take more time, require more docs etc. 20% down requirement (you are closing one time for the construction -- includes land -- and the permanent loan).You could expect rates in the 11-15% range for HML/PML.

Maybe it's worth finding a cash-flowing asset that you can invest into that doesn't require a new mortgage on your part -- something syndicated or a NNN TIC property where you're just buying into a portion of the property and its existing debt load. 

But it requires some renovation and i am looking for funds because he cannot finance renovation cost.

Also your Notification of Cancellation requirements?

Another solution is to write 1 year leases with no automatic renewal such that a new lease is required each year instead of automatically going month-to-month.

My main concern is that once the property is rehabbed and rent ready, what qualifications do banks require to refinance? 

Some lenders will work with any level of investor experience, credit scores as low as 660 and can close in as little as 10 days (there are loan options for 640-660 credit scores- they require 20% down).Another good thing is interest only and 6-24 month loan terms- you can refinance by selling or refinancing to a long term DSCR rental property loan at any time once you complete the rehab.

I am planning to excavate my project site at 1893 N US Highway 1, Fort Pierce, Florida, and I require approximately 45,000 cubic yards of fill material.