That sounds like a plan in my humble opinion. 

More than happy to connect and strategize game plans any time.

I tell people if they can match their current rent or do better then it's likely worth it, but you may need to get creative on the cash flow part if you only plan on living their a year or two.

FHA might be a good first step if you're strapped for cash.How long do you plan to hold the property?

Just spoke with a business dev rep from BAM today, good conversation, said theyre not worried about rates right now and have plans in place to account for them. 

Plan to make some tenant improvements to push rents closer to market rate for the area.

If you have to do an ARM, have a Plan B to pivot if you need to sell or refinance. 

That sounds like a solid plan!

You also need a detailed explanation of each cost item to solidify a clear scope of work for that specific task.Experienced general contractors provide computerized plans to show the current existing conditions and the proposed final floor plan.

@John Brown Running a short-term rental (STR) on a subleased property, often called rental arbitrage, is feasible but requires careful planning.