There is a much larger learning curve for a renovation project than there is a straight rental - especially if you are not doing the work yourself.  

Even possibly self managing.

If you don’t have any experience with construction, home maintenance, or people management, you’re going to be at huge risk on remote projects.

The Manager couldn’t get the machine to work again so the company called in Graybeard as an independent consultant.Graybeard agrees.

Make sure, if you can, that the total project cost is south of 70% of the ARV. 

My educational background includes a Bachelor of Business Administration (BBA) in finance, a commercial real estate certificate, and a minor in building construction and project management, with a focus on energy-efficient housing.

This will produce a lower monthly payment due on the HELOC and lower interest, thereby paying of the HELOC faster, and opening up more available credit for you to tap for a project you have in mind?

It's either self-manage, or full property management, while I need something in the middle.Some more details on my situation:I own an STR in Gulf Shores, AL and the vast majority of it is automated.

We manage almost 700 doors in Metro Detroit market, 92 are S8, so we are very familiar with the program.We've got some great S8 tenants, but also some not-so-great ones that abuse the program.PM us if you'd like to discuss the reality of using S8 effectively...

It wasn't clear if you plan to self manage and need the property pretty close to home.