Contact the music publisher for the track you wish to remake, telling her of your intentions. Although the song's writer typically owns the rights to the music, exercising those rights often is left to the music publisher.
Obtain a compulsory license. This type of license grants you the authority to cover a song at will. First notify the associated music publishers that you will pursue this license. Title this notification as "Notice of Intention to Obtain a Compulsory License." Include your name, address and phone number. Stipulate the title of the song you will cover, including the name(s) of the original songwriter and/or performer. Clarify the length of your cover version.
Pay royalties to the publishers. Music publishers and their respective rights society base the exact royalty figure on the length of your cover version. By using a compulsory license, you are required to create a Monthly Statement of Account for the royalty payments, which typically are due by the 20th day of any month in which you are selling a CD with the cover song. Once yearly, you must work with a Certified Public Accountant to craft a comprehensive Annual Statement of Account.