I've personally done just about every rehab scenario, properties I've lived in, properties bought as investments and even properties bought at auction.You've gotten good advice from folks on this list.

First, estimate what the renovation would cost, how long it would take, and how much extra you could potentially sell the property for once it’s fixed up.

Early on in my career, I saw a close frend do something similar.. she borrowed from her circle to finance a rural fixer-upper, then paid them back once she refinanced after the rehab.I’m guessing that massive yard plus the barn is already a big selling point for your tenant, especially with a family that wants a little extra room for animals.

That’s because the longer someone has lived in their house, the more that home’s value has grown, which directly increases equity.And if you’re one of those people who’s been in their home for 10 years or more, know this – according to NAR:“Over the past decade, the typical homeowner has accumulated $201,600 in wealth solely from price appreciation.”The Benefits of Having Home EquityWhat does that mean for you?

This would obviously reduce my cash flow on both properties, as I would be paying the minimum HELOC payment plus extra towards the principal to pay it off quickly.

Having a long-term rental while living abroad is do-able.Flipping houses while abroad, in my opinion, more difficult, especially if its your first go around with real estate.I would recommend taking a flight and staying in the area for a week and inspect the neighborhoods and make connections.You can reach out to @Elenis Camargo who has a PM company in Jacksonville.Best of luck though.

I have lived in Santa Fe for 5 years and am plugged into the commercial RE market as a full-time investor. 

lat=43.1688001618486&lon=-77.6159378282709 I’d also suggest considering whether you live or work nearby, so you can stay informed about any developments. 

If you plan to live there in the winters, you might have a hard time doing long term rental outside of that and finding a new tenant every summer.

Is that available to scale up and if there are investors,  resources to manage that side if the business.I imagine a $60M/year Lending business will need systems in place and more than 1 extra person.