I'd be happy to get you some rough terms to compare to other options that you have, but I also agree with Jay that you should be wary of just selling and loosing that equity that you've built up in the property.

If you do something that is too high end or bold compared to what is available in the neighborhood, the exit could be very difficult 

We recommend you get management contracts from several PMCs and compare the services they cover and, more importantly, what they each DO NOT cover.

If you can manage to keep up with the real estate market in these markets that we have come to hit, and still be able to navigate the unchartered waters.

Appreciation = Specilation/Gambling.We have little control over the factors that affect it, albeit for making improvements that will force it to compare with other likenpropetoes that are in a higher bracket.

You will quickly see how you compare in all those categories.

Water issues are the most common. 

You want to make sure you aren't muddying the water and making the tenant think they have longer to get out.

Here's my takeaway from the market:Smaller, less impressive cabins are pretty over-saturated and unless you have a big view (or water frontage) to really make you stand out, you will struggle.  

I'd suggest that there is essentially no tax implication for this as compared to your alternatives.