Waterfront property without permits

[Maria Briskman]

Hi! We are flippers and recently got a hold of a waterfront 2.3 acres property with a 1964 house (bought in cash).

The house was build by the original owner and the attic was transformed to the second floor, but not finished.

The comps in the area are very controversial and the main question is: sell the house AS IS (gut out job) not investing another 100K OR keep it as a super rare commodity: renovate, take out a line of credit to continue flipping, and rent out long term.

My first time seeking an advice so I really hope for your feedback.