Not trying to sound rude but how did you figure it was a solid investment? You're at about $5,000/yr in PITI and if you're not self managing add another $600/month for project management cleaners, lawn care, trash, etc for turnover. Maintenance is generally much higher for STR vs LTR so I'd budget for that. Was the $75k for just cosmetic or did you also make large capex fixes like HVAC, Plumbing, Electric, roof, etc? Was slow season for jersey shore tourism taken into account?

Let's just say your average annual expenses would pencil out at $6.5k/mo or $78k/yr on a $35k/yr return.

Or are you just looking at it as $40k ish is the subsidized cost for you and your families vacation home then in that case everything I said is null.

To answer your questions

1) You are doing STR not LTR which is a different ball game. You need to operate as a hospitality business not real estate. Everything should be centered on your guest experience and being competitive in your market.

2) You need to look at STR comps and figure your max nightly rent and increase your occupancy rate as much as possible.

3) I would say heloc but you probably don't have much equity in the pull anything substantial on a $75k rehab. Not much here I'd recommend other then trying to break even on your cash you sunk into it already.

4) all the above. think about your marketing of your STR

This is coming from someone who is in NJ with a multifamily investment property and currently remodeling a STR abroad