The longer term loans would have lowered your monthly payments and decreased the costs.As for rent, each year you need to look at rents in the area to decide how much you will be increasing the rent by. 

Option A would allow me to keep it as a long term rental .

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@Chris Seveney  I live in Abilene and operate a short term rental here.

I would find a loan officer that does both conventional and FHA renovation loans to compare which has better rates and terms for your situation.

And even then, the life cycle is generally pretty long from first contact to closing.  

They are exceedingly rare, thus very expensive, but I believe they represent an excellent long term steady income and store of value.  

If you're doing a rate and term refinance, there's typically not a seasoning period but again it's common for lenders to require it be rented first.If you're doing a DSCR cash out refi, it may not need to be rented first but you're probably paying a higher rate.Your best option is to call a loan broker you trust and go through the options based on your current situation.

Old post, but in the short-term the world changed with the recent passing of HR 5376.

Quote from @Steve Englehart: I currently have two long term rentals and am looking into buying into the short term rental arena.