If property values are stable or increasing, your strategy might be solid.Exit Strategy Since you plan to refinance in 12-18 months, consider what happens if interest rates don't drop or if refinancing terms aren't favorable at that time.Questions you might want to askAre there any zoning or regulatory issues with converting or renting the units as mid-term rentals?

From what I was reading about refinancing requirements - seems like some of them require the property to be managed by a management company. 

These documents should outline the terms of the investment, including timelines for refinancing, distributions, and the rights of investors if things don’t go as planned.

As far as refinancing, I work on the lender side and unless the property is livable and finished then that is not the route to go because the appraisal will be subject to until the work is finished.

Side note: My husband and I are currently funemployed (we both have seasonal jobs) until October, so not sure if we could qualify for traditional re/financing options at this time.

BRRRR is a low-cost real estate investing strategy that involves buying a distressed property, fixing it up, renting it out, and refinancing to pull out equity.

Should I hold on to the house, despite the potential negative cash flow, with the hope of refinancing and future appreciation?

The project is being funded by refinancing another family property.Additionally, I’m planning to establish a property management company here in Rhode Island within the next year.

However, the outline below is fairly standard across most business plans.Executive Summary (Objective, mission, keys to success, etc.)Company Summary (Goals, operations, ownership & personnel experience, etc.)Market Analysis & Strategy (Approach for finding deals, investment strategy, etc.)Financial Plan (Startup costs, leverage, reserves, etc.)Exit Strategy (Timeline or milestones for exiting or refinancing investments)

Will an appraiser disregard the income from the non-conforming garden unit when assessing the property for refinancing?