Thanks Makaloco. While I don't 'hate' the wood, I'm not sure i can convince my husband to leave it as is. He has some pretty strong feelings about really not wanting to keep it and thinks that the knotty pine has been way over done in mountain homes. Anyone have any thoughts on the best color if we do end up painting it? An off white maybe? would we do it all one color (walls and ceiling) or break it up?

I would go a soft white with warm undertones. Wood floor and paint the walls, but try leaving the ceiling wood. That high vaulting stretch of wood looks cool. Maybe agree to painting the wainscoting, and suggest just holding off on the ceiling due to time or cost. Then see what it feels like to both of you after you have lived with it for awhile.

I like the rustic look. How about painting the pine on the walls and leaving it alone on the ceiling? A cream or white wash?

I too like the wood ceiling. I would do the minimum to start, and see how it feels. Probably paint the walls a color, the pine wainscoting a whitewash, so the pine shows through and do not match the floors to the rest! Consider a forgiving and rustic look hickory, hand scraped....

The wood ceiling is warm and does fit the location you describe.
Have fun with doing some unexpected in the furnishings... Instead of predictable moose/duck decor, make it contemporary classy. The rustic ceiling and rest will blend great! Make it luxurious, and it will Stan d out from the other offerings for rent.

I love the warmth the ceiling adds. I like the suggestions to start with the wainscoting. If you do paint it, use a cream or off white. Keep it warm and inviting. Here are some pictures for inspiration.

And a few more.

Aaaahh, thank you so much everyone, this is so so helpful!! I gotta admit, i think i like the cream/white ceiling more in the pics that Karen Peters posted (Karen, that was super helpful, thank you!)... but I do think it's probably wise to hold off on painting it until we live with it for a while as most of you suggested. Now I just need to convince the hubs of my plan! If anyone has anything else to add, i'm all ears, we have a few more weeks to make some decisions before work starts. :)

You're welcome! Post your results - would love to see how it turns out!

Since you said you are planning to rent your place out occasionally I would suggest holding off on painting the wood on your walls. We have a vacation home that we rent out and believe me, the place takes a beating. You may find yourself touching up the paint on that wood quite often.

I would paint the wainscoting white. Benjamin Moore "White Dove" is a great white that is more warm than cool, and really goes well with almost any other colours. To add a bit of warmth, a really light grey on the walls would be nice depending on the hardwood you're putting in. During the winter months you could add in some traditional plaid throws and cushions in deep complimentary colours (deep plums/greens), long drapes in same colours. During the summer you could easily lighten it back up with light simple white cotton drapes, or roman blinds. I'd also replace the track lighting with some chandeliers.

What have you done over the past month? Here's a Sherwin Williams "read" on the cabin. The left column are the primary colors 'seen' and the right side are secondary tones from the photo which could work as accents, fabrics, etc. As a reservation/ customer service manager of vacation properties, including a rustic mountain cabin, I suggest you uncover the floor first to determine if it adds yet another color. I'm a fan of both wood floors and carpet squares for ease of care. I like the ceiling and wainscot, but would paint the walls darker, keeping in mind the influence of the chimney stone. Test colors with a 12-15" square in the middle of large white poster boards you can move around the room to see how different light at different times of the day changes them. If you need a manager to handle bookings, CS and to interact with cleaning/maintenance staff, I'm available and would be happy to work with you. I've managed properties for 15 years in areas as far flung as Vegas, Arkansas, PA and the Jersey Shore. My NJ property just sold to an owner who has other plans for it, so I'm looking for new properties to represent. Hope to see your updates soon.