So make sure your uses of the refinance money conform to business  purposew if you want to write off the interest.This method is commonly used in a 1031 consolidation exchange. 

While you can't create limitations against their lease and legal rights they have for quiet enjoyment, things like keeping common areas free of clutter or routine maintenance items that are tenant responsibility can often be added to help keep the expectations on both parties clear.

In retrospect I would have spelled out the construction process more clearly in writing ahead of time.In your case the existing tenant is getting no new value so there is nothing for them to gain with this project.

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However, if you can flip it and make a solid profit higher than what you would get out of a cash out refi and/or rents won't cash flow, then flipping makes good sense (unless you need a tax write off but since this is your first investment, that probably isn't the case).  

Understand renovation and how to write a scope of work4.

The heavy cleaning and repair costs after longer stays are definitely pain points but I've seen my clients make it work by screening the tenants more carefully for MTRs, doing bi-monthly checks to catch issues early, and writing clear lease terms about maintaining the property.

Tenants typically stay that long because (a) the rents are way below market and they can't give up a good deal, or (b) they are bad tenants who enjoy the freedom of living under a weak landlord.

It heavily effected his under writing results.