I'm finishing up an ADU garage conversion in Downtown Sac and plan to do medium term rental for travel nurses.

but careful planning and documentation are essential""...making sure that your wife understands what she needs to do to document her hours and activities."

Sounds like I've got the plan all laid out in front of me. 

What adds complexity to our plan, is that we live in Minnesota.

I have some upcoming repairs needed that outweigh the Homestead Exemption and plan to make my primary home a long term rental in the next 7 years but the repairs can’t wait.  

Over the next couple of years, I don’t plan to use the property often, but I may stay there occasionally when it’s not occupied.

Would you rather set it and forget it and not need to refi again or rather take advantage of low/no closing costs on this loan and plan to be more aggressive on your rate at the time of your refi?

Then once it's acquired and/or fixed up you could shop around for long term financing if planning on holding the property rather than flipping it. 

Maintenance and UpkeepRegular Inspections: Schedule periodic property inspections to address maintenance issues.Emergency Repairs: Have a plan in place for unexpected maintenance needs.Furnishing the Property: Budget for necessary furnishings and appliances.7.

I plan to utilize some cash, margin loan, 401k loan, and a HELOC as a down payment.My first house hack (now an out of state investment) has a Zestimate of $530K, and I have $266K left on the loan.