Direct answer
How this hard money option works
A vacant property may qualify for hard money without current rental income when value, condition, equity, reserves and the plan to renovate, lease, sell or refinance support the risk. Vacancy increases carrying, security, insurance and execution concerns.
Lenders distinguish a recently vacated functional property from an unsecured, vandalized or uninhabitable asset.
Vacant-property insurance can differ from ordinary coverage; taxes, security, maintenance and interest continue.
The exit should state who the likely buyer or tenant is, what work is required and how long permits, renovation and marketing could take.