Playing an appreciation game can be risky.

If they don't you personal financial situation plays a bigger part in securing a loan. 

How certain of the appreciation are you would also play into that question.Run some scenarios on what you could do with the extra cash vs what you stand to gain from the appreciation play and decide based on that and your goals.

I have 2 factors that I know play into it, but there's always more beneath the surface.

Bonus points if they can refer you to reputable contractors in the area. 

I've been playing with amortization calculators and have seen you can pay off 1/3 of the mortgage and reduce 2/3 of the duration.

If you have rental(s) or plan to get one and want to decide between long/mid and short-term rental strategies taxes do play a roll if you have high W2 income you want to try and reduce you tax burden. 

Bonus question: Should I execute the leases under the business name and tenant’s name, or should the leases be in my personal name and the tenant’s name, considering the loan is in my name?

I think there's a fair amount of play in the budget for what needs to be done.  

However, I received some feedback from one of my partners that the play here would be for an investor to subdivide or re plat the land for a multiple tenant situation.