The logic board failed due to my daughter spilling milk on it. I tried to clean the board but the lactic acid managed to eat away some of the thin traces.
I ordered a replacement from iFixIt, removed the old board and installed the new one. The system booted and everything worked as expected. So far I have not noticed any issues.
The guide is very detailed, that should be all you need.
Buy thermal paste.
I purchased the thermal paste cleaning solution along with the logic board and mistakenly thought it would come with paste. Fortunately, I was able to find a tube of that locally.