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

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. 

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.

I've also got a vacation rental in northern Wisconsin (between Minocqua and Tomahawk). 

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

Are you doing the work yourself or what is your plan on tackling the operations? 

By adopting the house-hacking method—living in one unit while renting out the others—we plan for the tenants to cover the mortgage and gain valuable property management experience.

You'll want to explore this with your accountant and see what side of the fence they are.What is more a concern to me is your plan to let the property sit for a couple of years and then move in.