Any bank, non-profits are looked at much differently, their loan can likely qualify for the bank's requirements under the Community Reinvestment Act, a requirement for community investments in their operational area.They still need the ability to repay, but not knowing what the intentions are, other than a rehab, can't say much more. 

If your intent is to hold the property for the purpose of income then this is where 1031's are useful.

My intention would be to refinance well before the 5 year mark.

I am sure your client has no intention of doing this.But I have seen these scenerios were this has happened and this is just not about how great it is for you and your student.. both sides must win.

Put together a nice folder of your finances as well as your intentions with RE. 

Tell us more about the list, where it's from, how many on the list, what are your intentions for it (i.e.: Direct Mail, letters etc), and also about your plans for your marketing.

I do large commercial/institutional building energy audits and put together scopes of work with the intention of the savings to provide an ROI for the work.

Yes my intention is to purchase the property as an investor and resell it. 

Example:  Cheapest comp: $10,000Target Sale Price (half of cheapest comp): $5,000 Target Purchase Price (half of cheapest comp): $2,500Make sure you intentionally leave money on the table.  

Of course this is judging their intentions and maybe they were less thief and more visionary.