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?

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

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.

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.

In Nevada for instance, the state requires a real estate license and a property management permit in order to manage property for others.  

Communities like Highland Creek are adopting different measures and requiring that a property MUST be owned for 12 months before it can be a rental. 

Owning a home should be a requirement for Realtors.Change my mind freaks.