Hi Hoa,- Hard money is fast efficient, expensive,  it has high rates and points and shorter term 6-12 months or less typically with extensions available- HELOC typically has no points but prime + 2-3% margin right now is almost the same rate as hard money and closing costs are a lot less than hard money and you can rinse and repeat and reuse it after paying it off so yeah overall its better than HML (hard money lending)Thats just the beginning of your research, the reality is in real life you might need both sources, make sure to have both ready and start with the best execution or option first and always be ready to use the others if the need arises.rehabbing is messy AF especially on older housing Illinois housing stock from 1895-1940's.

I have 2 other rentals that ideally can subsidize this, so, would I be better off holding onto it for the long haul and evening out eventually, or selling the property and getting something else?  

BRRRR is great but chances finding a deal and getting all your money out with light rehab is slim to none unless you find your own lead.I operate in Baltimore in C+ areas which is still cheaper than many even wholesalers are overcharging for their off market deals.You either have to do heavier rehab or find a deal without a middle man.

First off, trusting contractors from afar is hard.

I know this isn't the conventional way to job search but I have been firing off applications for almost a year now and haven't been hearing back so I wanted to give something else a shot. 

Would be opened to a fair off market deal.

@Praveen Van  Not sure on a DSCR loan specifically but I have similar commercial loans, that are based off the rental income of the property. 

If it's not more than $5K, you're probably best off moving on. 

Once you find the right tenant, it is a pretty hands off investment. 

There are still a few good resources for Log Cabins or Off-Grid style properties in remote areas as well.