If you're doing a rate and term refinance, there's typically not a seasoning period but again it's common for lenders to require it be rented first.If you're doing a DSCR cash out refi, it may not need to be rented first but you're probably paying a higher rate.Your best option is to call a loan broker you trust and go through the options based on your current situation.

However, I probably would not upgrade it but I would rent it out LONG TERM at least until you know your long term status in Portland.  

With the increased competition, it’s crucial to prepare your property to stand out and work to address obvious buyer objections prior to going on market.

Long term interest rates should continue to increase.  

In long run could have some negative consequencesalso Is it just residential or commercial as well?    

Start to evaluate deals based on the income approach and you'll do much better long term investing. 

Be clear on terms—percentage of equity, profit-sharing, and exit strategy.

A relative who does long-distance real estate investing told me that I have to sign the final loan document and the transfer of ownership document in person.

I would like to build a duplex on it for long term rental income.

Please reach out and I can let you know the terms to hang your license with me.