Depending on state law the buyer will have a certain amount of time to remedy this violation of covenants. 

Having trusted resources in market have been helpful in managing our properties and contractors especially when my non-real estate related consulting business is in its busy season.

Same principles apply - being busy will create opportunity. 

You will find that every PML has a different business model.  

Depending on the price point, they may already be running targeted ads in cities/metros for buyers that may be looking for a second home/vacation home.

Quote from @Francisco Solano: I suggest you ask a business attorney in your state for this basic template.

I don’t see anything wrong with endorsing a business that is great at what it does.

Treat this property as a business and factor in all the associated expenses, including mortgage payments (if you pull a loan), maintenance, and potential vacancy periods.To simplify management and make this less of a hands-on job, I’d strongly recommend working with a property management company.

The question is mostly a personal financial planning question and it depends on your preference and what balance of risk and access you'd like and would be comfortable with.

@Keith AngellFrom my experience, both a HELOC and refinancing have their advantages depending on your goals.