Do you get nervous about the long-term commitment of a 14- to 16-month lease?

Does the loan have a "history" is it FHA, VA, Conventional16.

Are there other options that could be better for a construction to perm loan (not through a traditional bank)???

I use my license for multiple activities: Of course- comps, when buying and when selling, tax data- to see what I am about to pay when i own the home ( for long term holdings), check the DOM (days on the market) for the subdivision I am either buying on, or when I plan on selling, etc. 

Airbnb is considered STR (short-term rental).

If you plan on holding, it's then a much easier task to roll it into a DSCR loan.

Time allows for adjustments, scaling, and reinvestment in ways that short-term projects simply can’t achieve. 

However, I probably would not upgrade it but I would rent it out LONG TERM at least until you know your long term status in Portland.  

And you have to pay PMI for the life of the loan.

If you used a loan to rehab your property and find yourself in a difficult position, doing a straight refi (just paying off the old mortgage) will be easier than trying to pay off the original loan and take additional cash out.