We required it to be moved off the lot at buyers expense. 

It might require repairs and cleaning.

Begin by meeting with the builder to understand his requirements.

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.

Also your Notification of Cancellation requirements?

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

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. 

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.

Hard money and private lenders are dropping rates in desperation to put their money to work.