Ensure that the updates are of high quality yet within budget to maximize the increase in value.When it comes to refinancing, after completing the renovations, you can refinance your home to access the created equity.

Can you evaluate repair costs? 

Based on our comps and some repairs I already know about I listed it with an initial price of $485k.

Request repair requests in written form even though they may mention in passing and you are next door just so you don't lose track of things.

How did you determine what repairs needed to be done and how much they would cost the next buyer?  

It seems most cabins typically need something (or will), some you find during an inspection, others you hear from guests, and then you need to be prepared to repair it ASAP.

Perhaps hire the PM as a second set of eyes for quality control but that should be in addition to the GC you should hire from day one. 

We rented out home in Vegas as fully furnished. and where shocked to see rents at double or more standard rent.. furnishing nice but not over the top.. been very good on that end plus with rents that high the quality of the tennants is very good.. can easily self manage..

Therefore even if you invest in the markets with favorable landlord tenant laws, you are still more inclined to deal with tenant headaches because of the quality of the tenant and lack of professionalism of the landlord.

@Michael Rostwhenever anyone says 'great cash flow,' I don't even need to know what state or city it's in - if it's a long term rental with conventional financing at today's interest rates, it's not happening unless unrealistic assumptions are being made like zero repairs, zero capex, zero vacancy ever, zero turnover ever, and 8% rent growth forever.post the numbers here if you want a review.