You can get up to 75% of the ARV on a cash-out, with rates starting at 5.875% APR and a 680 minimum credit score.

Working with local credit union to refinance at lower than market rates

Its becomes a lifestyle.You REALLY need to be into that "lifestyle" since I believe your rate is higher. 

You will have to furnish and make sure to check the rates you can get for MT and STR in your market.

I think due to the rapid expansion during the pandemic that caused housing prices to skyrocket mixed with interest rates, no one is able to successfully do an LTR (unless you BRRRR but even then numbers are tight).

You also want to look at comps, rental rates, and opex to make sure the numbers work.

After the property is renovated you can refinance into a DSCR loan to have a better 30 year fixed rate that you can consider refinancing in the future depending on where rates go.

They bring more stability and less turnover than STRs, but the discounted rates and occasional deep clean can eat into profits.

The questions I would ask - what is the interest rate? 

As for the sellers’ request, if you’re open to it, you could pro-rate the November rent and split it as they’re asking, but only after the tenant pays you directly.