Example:$450k loan amount, originated in 2006.ARM.Minimal down.10 year interest only period, because it's an ARM it was down to 3.75% as of 2015. $1406 mortgage payment.

My wife and I quickly found a 2.25% 3-year ARM which is backed by the VA.

I had always planned on rehabbing and refinancing so decided to do an ARM 5/1, which retrospectively seems silly to have a slightly lower rate for such a short period of time and now making refinancing more urgent while rates are still low.  

However, the lease doesn't explicitly state spell out terms of rental /eviction terms like the lease my old PM provided.

Any advice on Fixed vs ARM vs Hybrid would be greatly appreciated.

But now hopefully you are armed with more info to ask more educated questions.

I plan to get together with my tax advisor in the next few weeks but I want to come armed with some suggestions.

I worked for a RM servicer for 6 years and only ran into a handful of cases where there was any equity in the property as a lot of the property values were inflated when the loan was originated. 

Or at least staying at arms length.

I've seen other appraisals where a short sale was used as a comp, and it was indicated that it was a short sale, not an arms length transaction.