Not only is it a costly and hasselsome process to establish such, but at end it's an association of 4. 

Their children (now in their late 40s) inherited the house, but they have not listed it on the market, and I heard that neither is willing to move into it from their current setup, so the property has been sitting vacant.

If you think you will have it for less than 4 years I would say go with the HELOC because you have less origination costs.

I also suspect inflation will drive continued migration to lower cost of living / lower tax states.  

The management company has replied that they don't coordinate with neighbors and just want me to cover the cost of all the repairs. 

It can range from simple touch-ups to more extensive setups, depending on your needs and budget.How Does It Help Me Sell My House?

Creative Freedom: You get to design and transform spaces, which can be personally fulfilling.The Bad: Where Flippers Lose Money⚠️ Underestimating Repair Costs: Surprise structural issues, contractor delays, and material price spikes can kill your budget.⚠️ Market Changes: A hot market today might cool down before you sell, which reduces the profit.⚠️ Financing Challenges: Hard money loans carry high interest rates that nibble into the bottom line.Unrealistic timelines: If you think you're going to be in and out in 60 days, you're sadly mistaken-most flips take longer than expected.Real Talk: Is Fix and Flip Still Worth It?

Let's get Meghan set up with the best of the best!

However, the property’s cost basis (what they originally paid) carries over to you, meaning if you later sell, you may owe significant capital gains tax on appreciation.Alternatively, selling the property at fair market value eliminates gift tax concerns, but your in-laws may owe capital gains tax on any profit.

My father is a contractor so we will be able to complete most of the work ourselves while keeping costs low and add equity.