Unless you are living in the property, you arent going to get a rate in the 4’s from any traditional lender

Traditionally it is thought that the Midwest tends not to rise and fall as much as the coasts.

Traditional home insurance does not cover houses that are vacant or houses that are under construction.

You are also amortizing the loan over 20 years instead of the more traditional 30 years thus cutting your cash flow more.On a side note the tax assessed value makes little difference to the actual value and if you try to negotiate based on that your offer will likely be rejected.

The only issue is a traditional refi likes to see some seasoning or a local management company in place for a vacation area (and maybe some reserves for the off season). 

Unfortunately real estate alone doesn't offer a ton of opportunities either in a traditional planning sense (i.e. not talking about 1031s, property managment companies, etc.)With active trades or businesses many times we can advocate for large retirement contributions into 401ks or SEPs which can save a bunch in taxes.

It's 100% normal for an REI friendly lender to be able to say "yes" when a more traditional lender says "no."

Can I get a traditional mortgage with this?

Do I need to improve the property/raise rents enough over the course of the 2 years that a bank will give me a traditional loan at that point?

I know traditionally with the BRRRR method, most lenders want a 6 or 12 month seasoning period of the property being rented.