One thing to keep in mind is to make sure you have a clear timeline and budget if you’re planning to flip properties, as efficient renovation management is key.

I haven't been to the property myself unfortunately since I am managing it out of state.

Have the tenant sign off on a move-in checklist to avoid disputes later.If your not using a property management company, you will also want to establish a plan for handling maintenance requests and emergencies.

I was hoping it was going to perform well, since it is in a lakefront project, just South of downtown.

Your going to have to wait to refinance after the work is completed to let the project season.

They may take arv into consideration but also take ltv as what if you don’t finish project ?

When they move to a new area, they hire a quality local property management firm to manage the rental for them longer term. 

This helps with claims about dirty water etc.Either way you go, the takeaway is being able to consistently maintain a certain level of service and being prepared to integrate this into your team's schedule/management work flows. 

If it's going to be your first investment out of state, I would tell you to build a solid team of your CORE 4: with a good Real Estate Agent, Contractor, Property manager, and attorney.

We are staring to work with larger projects that will all be build to rent.