I would manage it as a VRBO property, convert to a traditional mortgage within the next two years and make aggressive payments to cut down on the principal as quickly as possible.

What keeps us in Canada is a little bit more stable markets compared to there, The fact we know BC very well and what pockets are growing, and that some of our investors will only invest in Canada. 

Once the rehab is complete, (ideally) refinance the property into a traditional loan4.

Comparable homes that are finished in the neighborhood sell for $160k.  

Bosshardt, Watson, etc... tend to have a higher fee and tack on a % to maintenance which always irked me.Exit Realty, Matchmaker tend to have lower fees compared to the larger brokerages and may not tack on a % to the maintenance fee.Gore Rabbell is another one to investigate.If you send me a PM I can give you more candid feedback. 

In TX the tradition is that other than the original deed of trust balance, the state doesn't know your mortgage balance.

So my vote would be for a traditional cash out refinance on non-owner occupied property.

I may even go one further and compare a fine motor mechanic to becoming a carpenter or rehabber. 

Prices here have only inched up a little bit when compared to other markets.

Modern or traditional finish outs?