In your proposed situation, here is what I would do:1) Make sure you have a good/solid/reliable contractor that can actually do the work and has capacity to handle the project.2) Apply for the max HELOC and get it established. 

Some form of contract or option agreement that I was looking for specifics on that would pass muster with audit or legal around the property being a temporary asset. 

So we’d have to pay a contractor.  

You'll likely need to be there a lot meeting contractors, agents, tenants, so you'll want to be close. 3) SFH vs.

@Steven S. google Air Mac they service much of Northern NJ they have done work for me in the past and even fixed a past contractors error two. 

@James McGovern I typically only work on 1-2 projects at once because I only have one reliable contractor.

And from the other cabin owners we've talked to, it is a common problem down there to find a good contractor/handyman.

Get firm quotes from contractors for the renovation work to ensure your budget is accurate.

All your go to contractors should have a copy of that key as well.

You are behind the debt, as is understood, and behind any contractor liens filed on the property.