It's in ROUGH shape.. unsure if it can be saved, but I would like to attempt to save it and/or have it restored to it's original glory. 

I submitted a claim to get the water damage restoration process started and replace the burst pipe. 

I help run a family business that does log home restoration and remodeling all over the lower 48. 

People who had the same idea want to put homes back on the market now realize these beautifully restored homes do not sell after 3-4 weeks on the market.

After 3 years of camping, working nights and weekends we were able to move into our lovingly restored 60 year old bungalow.

You might want to ask him to explain the BAR rules (Betterment, Adaptation, Restoration) surrounding capitalization.Maybe you can expense it as de minimis over multiple years, but that seems like a lot of work to me (what Michael was hinting at). 

I've hit up Morris Habitat for Humanity Restore with little luck. 

I can't speak to the financial viability of the rental model you propose, but it's definitely worth carefully considering the cost of restoring that cabin.

Made a low ball offer considering days on market, and the estimated restorations costs.

Maybe 1 house comes up per year, this would be smallest house with the most upside potential since it hasn't been restored or renovated yet.