how much do you have available to spend on renovations? 

Get a side gig for extra cash flow, stop all extra spending and live like a monk. 

Practically speaking, it’s going to be quite challenging unless you spend significant time.

Your best bet is to find one that has flexible membership options, without high spend requirements.

If we decide to refi in 3-5 years, though, we may time a couple of the leases to end at the same time and spend ~$6k to tear 2 rooms down and rebuild them.

For me, real estate was a means to an end...so that I could spend all my professional time doing what I love: helping people and renovating properties.  

I can pretty much guarantee that you will loose WAY more money trying to get out of the lease then you will spending the extra hundred dollars or so to paint an additional room or two.

.- You close on December 10th- The property is in great shape and does not need any significant repairs- It only needs some paint touch-up and changing a couple of broken fixtures, which you do yourself- You spend the next week buying furniture, electronics and supplies and installing/arranging everything yourself- You also roll up your sleeves and scrub the toilets and sinks and appliances- You put it on AirBnB/VRBO and have your first guest renting it for the 3 days of Christmas- You second guest rents it for the following weekend and leaves before NYE- You personally clean and restock the place between these two guestsCongrats!

My wife has a hard time spending money.  

Check out The Ultimate Guide to Grading Cleveland Neighborhoods before spending any money on a Cleveland rental property.