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. 

Trying to create a plan to get into another property without using my own cash or refinancing.

For a tax specialist, look for someone experienced in real estate investing to maximize deductions and plan for your goals.

Quote from @Raif Jochim: Bigger Pockets Community -I'm trying to plan for the future and have a question I'd like your thoughts on.