You'll only need to contract out the more specialized items.

Now NY and NJ are just way out there so I do stay away, but Maryland is a good example of where I like to invest because of those items noted above. 

The amount of Bluetooth enabled socks/wine bottles/water bottles and completely useless items are sitting in nightstands and the bottom of closets.

If you can provide a few more informational items we might be able to give some more specific advice. 

Electrical, plumbing (the main items), plus cosmetic work painting and some new appliances.

With no experience as an agent, you need someone who is an experienced negotiator to represent your best interests.I have represented several people here on BP (both buyers and sellers) and have been able to negotiate terms, price, repairs and other items that an unrepresented buyer would probably not have been able to pull off.  

That's about $6,000.That's your major big ticket items that will need replacement.

I was getting $1,200/month in rent and I was self employed and had family in the area (with their own rentals) so small maintenance items were easily handled. 

However, there are several items in the punch list that concern me.

Hey Rob, The only way I can answer this is what would I do if I was in your shoes - 1) I would only use a HELOC for minor items and repairs.