I have 3  2 bedroom cabins in Pigeon Forge with nothing special about them except great location.

We offer exception PM services in the Scranton area -- feel free to check out our Google Reviews @Revolve Real Estate as well as our social and website revolvepa.com/managementWe go above and beyond for our clients in everything from tenant placement to maintenance to renovations.

There are many alternatives you can use, I would urge you to check your local laws but I know here in Cleveland, OH we can charge an increased deposit or we can also require a guarantor (who can have different credit req. then someone living in the unit) It's important that no matter what you do you do it for everyone going forward, making exceptions for screening for some but not all can become a Fair Housing issue. 

Perhaps instead consider using private money, doing the reno as quickly as possible, and then using a DSCR or conventional refi to pay off the private money.I tend to agree with @Drew Sygit and @Nathan Gesner that tapping the equity of your primary, especially with something variable and unpredictable like a HELOC, is not a good idea, but with one exception.

Eliminate all popcorn ceilings, repaint everything, new flooring throughout, renovate bathrooms, add a bathroom, renovate the kitchen, improve outdoor living, improve curb appeal, and believe it or not, make the garage exceptionally nice.

Eliminate all popcorn ceilings, repaint everything, new flooring throughout, renovate bathrooms, add a bathroom, renovate the kitchen, improve outdoor living, improve curb appeal, and believe it or not, make the garage exceptionally nice.

I dont really know what a FLW house would bring a premium or not except his famous one I think its in WI house on a rock or something like that.

Eliminate all popcorn ceilings, repaint everything, new flooring throughout, renovate bathrooms, add a bathroom, renovate the kitchen, improve outdoor living, improve curb appeal, and believe it or not, make the garage exceptionally nice.

Stick to your policy and don't refund except for the cleaning fee.  

Changes: There will still be a tax lien sale like there is now except the bidding mechanism will be to bid down % interest rate instead of % of ownership.