300k to invest, unsure what to do

[Sequoia Heuer]

Hi so I’m on the big island of Hawaii and I have a house that currently appraises for around 390k. It’s my primary residence and I own it outright. Lenders say they will give me 300k as a refinance. I have some experience in the new construction world so I’m considering build to rent. If I can buy the land and build for 300k and the after build value will be 400 or more then I could borrow against that one and do it again and so on. The only problem with that I see is it’s a little bit slow. Building in Hawaii can take a year or more mostly because of permitting and sometimes materials are hard to get quickly. 
The other option I’m considering is using the 300 to buy properties out of state, where there are better deals for using the brrrr strategy. With 300 I could buy 2–3 houses at a time, hire some contractors to fix them up and get them rented. 
The second option seems harder to me but potentially more profitable. I’m currently reading the book on long distance real estate investing by David Greene so that’s helping some. 
What would you do with 300k? Thanks!