That's the way we did it..bought CRC in 1989..used it as a vacation rental..remodelled in 2005..sold up and moved down. Much easier to do it while you are making a good living, especially if you have equity in the roof already over your head. We had enough equity to buy for cash and then remodel for cash and never have a mortgage on CRC..and got nice US tax break with our stateside mortgage payment..YMMV..