If that is the case then what other options does one have to exit out of this type of loan?

What is you exit plan??

Nevertheless I calculated two ARVs in advance of the purchase, a year-2 stabilized ARV, and a 5-year exit ARV.

Is this home have a quick exit strategy or hold for long term rental.

I know some that have doubled their money and others that have gone absolutely bankrupt and lost a ton of money exiting at the wrong time.Do not tell yourself prices are low and throw numbers to the wind.

YES to having exit and more exit plansYES getting the permits and professional ppl to work on your projectYES to figuring out ways to make your unit sell (created parking and added laundry)LEARNT to be a landlord very quickly.IT WAS HELL but I did it and it didn't scare me off.7.

Does my exit letter (unable to get financing) have to come from the same place or are there websites that will issue these also.

Assuming your exit is a 10 cap when you sell it will be a little over 300,000 in sales price once performing.The mix of the units and the fact the building is from 1929 could turn it into an absolute money pit.

Finally, you need to know the exit value of the final product.

So the question becomes what would you be doing that would add value and what would exit value be.