All depends on what your goals are and what market fits your game-plan/criteria. 

Plan for the long term, if something is damaged, don't repair it replace it.

I don’t plan on doing anything until summer and I might just leave it the way it is.

Where do you plan to find your deals?

Just keep in mind the process can take a little longer since you’d need to work with contractors and follow FHA’s requirements.4.Your End Game: Whether you’re planning to stay long-term, rent it out, or sell once the work is done, it’s important to have your exit strategy mapped out.

I would plan for having to put 20%+ down for most deals. 

Over the next couple of years, I don’t plan to use the property often, but I may stay there occasionally when it’s not occupied.

Also is there a plan to replace the HML after a particular point?

--> This is my plan.

We are seeing a lot of investors have success with this strategy with plans to hold the properties they are rehabbing as rentals for several years before selling.