I want to have a game plan in action prior to reaching out to lenders. 

We are planning to hold it for 5 years and bought a rate cap to cover the entire hold period. 

My plan is to add 2 - 6 shipping container type of small houses and an above ground pool at some point to make at least a section of the property short/mid term rentals.

If you plan to be there for the entire rehab process, then go for it. 

So instead of waiting for the problem to compound until the lease is over, the plan is to replace the carpet immediately rather than try to muck with cat urine and get it 80% clean with various other solutions.

And also, know everything about operating real estate, if you really want to know the risks: business plan, financing structures, ability to execute, market research to vet their underwriting assumptions, how fees can influence investment decisions...3.

I’d love to hear more about your goals and how you’re planning to apply your expertise to real estate!

They are pros who understand real estate and can help you make a solid plan to help you accomplish your goals.

I feel like the seller would wait and I could just buy it in cash since I do plan to refinance it anyway and pull out the equity once I’ve done some repairs/upgrades.

Unless you plan on scaling rapidly and just want to set things up a certain way starting out.