cash buy-rehab-refinance for personal weekend home?

[Andrew Watson]

Hey there, I've been lurking for a while and would love some advice on this.  I'm looking at a 700 sq foot two bedroom cabin listing for $95k on 4 acres of land in a desirable part of the Hudson Valley, NY.   The previous owners gutted the kitchen and the cabin is in need of a new roof.  The bathroom is outdated, but functional.  Supposedly all other plumbing works (although the cabin has been winterized so I was not able to test everything).  Because of the gutted kitchen, traditional financing is not an option, and it would need to be a cash deal. 

I'm interested in putting in a cash offer (for ideally 60/70K and only after having a proper inspection).  From there I see two options: 

#1 - I do, myself, the minimal work to bring the cabin up to living standards, and then looking into a cash out refinance, in order to gain back some cash asap and to have additional funds to continue improving the property down the road. 

#2 - Sit on the property till I have everything top notch (will take me a year to 1.5 years most likely), and then look into a cash out refinance.  I'd prefer to do this option, but will be short on cash initially, so I'll have to wait to really dig into it.

Comps for similar listings in great condition are in the $150k range.  Land itself is comped at about 60K.  Monthy taxes are currently $165.

My end goal is to have a low cost weekend spot, with some weekly rentals in the summer and some Air BNB income in the mix.  I would consider flipping / selling a few years down the road, but for now I would plan to hang onto it.   The main reason for the interest in this property is the location.  

I own a co-op in NYC, so this is not my first buying experience, but it is my first investment / rehab project that doesn't fall under standard finance. Any advice is appreciated.