I am not accounting for the cash bonus in this. 

Bonus points if you’re a wholesaler in NEPA.

In the beginning, you could make some incentive bonuses or other ways to push the work.

I'm a high income professional and so is my wife, and we are looking into a vacation rental purchase that will serve for both tax depreciation (cost seg study and bonus depreciation against other income) as well as hopefully break even or even provide some positive cash flow going forward.

And within this program is the Rapid Re-Housing program that can pay a lease up to 12 months in advance, pay double the security deposit, and pay the landlord a signing bonus of up to 3 times the monthly rent.  

HH income is about $130k excluding bonuses and we have no other debt.I'm having trouble determining which scenario is the best approach given the details.Scenario 1: Refinance the $88k to 30 year, no cash-out, drastically reducing the payment for us now and for rental cash flow.Scenario 2: Cash-out refinance up to 70% LTV.

Ideally we would love to keep this as an occasional vacation spot for us to use as well, so bonus points if it is in the mountains or close to water. 

Any appreciation in the property is a bonus.  

Bonus Tip: RE agents get calls from "investors" all the time. 

After summer if you rent it 5-8 days a month until next season you will be lucky.There will be tone of competition after the summer, so I would not rely on it, look at it as bonus if it happens, but make your calculation as if no action happening.