7/1 ARM vs 30yr Fixed for Long-Term Buy &Hold

[Jacob Ellis]

Interest rates are very low right now, and I am in the first year of my first house hack investment property. I plan to hold this single family property long term and am considering refinancing to lower my interest rate. Is a 7/1 ARM with a lower interest rate a good or bad idea for my investment strategy? 

Since it's a house hack, the 7/1 can bring these payment down while I live in the house and can't rent the full property out to cash flow yet, but I don't know if this will be a bad idea the other 23 years I hold the mortgage. Thanks in advance for your guidance!