The test were very difficult and challenging. 

I think this will be much more of a challenge than you think.

I suspect that you'll have better luck with a local bank or private money, though it likely will still be challenging. 

That is the biggest challenge I have with my clients.

That said, its a great opportunity for the investor willing to accept the challenge.  

In real estate, blunt honesty often protects people from common pitfalls or predatory advice that oversimplifies the challenges of investing.

My challenge is that I don't know when exactly I will be able to obtain the STR permit from the city, so I don't want to convert guests too prematurely. 

Managing vacation rentals remotely sounds like a unique challenge..

Challenges?

The biggest challenge seems to be finding lenders that offer these loan products which is where I’m looking for help from the community with recommended lenders that serve Texas.The Fannie Mae (or Freddie Mac) options are preferred over FHA purely because of the (perhaps perceived) limit on renovation funds that the FHA option provides.