After the renovation is complete - you can either sell the property or refinance it into a long term DSCR (debt service coverage ratio) loan.

Quote from @Mary Joe: As long as you have justification and you apply the standard equally to all applicants, you should be fine. 1.

Real estate is a long game unless you are talking about getting a real estate job, which then requires skill and experience.

SBA loans take to long for a location that is for sale. 

If your accountant will let you expense it that would give you more benefit if the short term. 

You may want to start working on your credit score to save big long term dollars on better rates in the future.

Also keep in mind its 24 months technically not 2 years, so as long as you have 24 months of the past 5 years (does not need to be consecutive) Your good

Quote from @Paul Azad: Quote from @Ryan Arth: A value add play that shows yields and IRR comparable with the long term S&P average... 

Does it matter where the lender is based as long as they meet the licensing within that state?

Quote from @David Gruszka: I wouldn't touch this applicant with a ten-foot pole.The drug felony is old enough that it may not matter as long as she has maintained steady work and kept her finances straight.