Our rate is a 3.5% fixed with 27 years remaining.

I am patiently waiting for prices to drop for no other reason than the market stagnation due to high interest rates.

Currently at a 50%+ savings rate, making it work.

We are currently trying to book high-season months 2-4 weeks prior to check-in because we see the highest rates this way.

Not looking to refinance due to the great interest rates  4% on 30 year loans but would have not talked to any lenders that will do HELOC's yet.   

It's also important to plan the timeline for each renovation aspect to understand how it impacts rental rates, cash flow, and property worth.

Make sure to thoroughly research the real estate market in both states, taking into account things like property prices, rental demands, vacancy rates, possible appreciation, and income potential.

Are you thinking your response rate will increase?

There are options at 15% but they come with a much higher rate. 

Given these reasons, I'm assuming all improvements and spending should be deductible at the pro-rated amount.