South Bend IN - Choices / Choices

[Wesley Clark]

HI BP Community.  So I have a two part question as I have moved states since my first purchase an am about ready to make my second rental purchase.  

First part - currently I have 401k loan from my first rental purchase in the amount of $24k.  Recently I've sold my primary residence and the proceeds were $27k.  My question is should I pay off the loan to myself, freeing up this loan vehicle and then get a new loan to purchase a new home or just use the $27k as is towards the down payment on a new purchase?  

Second part - I relocated from NJ where my current property is performing very well - almost 2% and I love the property management company that I am working with.  Should I look to reinvest in that area that I know the market and management company, or instead look to purchase something closer in SB.  It is a college town and presents some new opportunities.   

Appreciate any assistance and if you are in the South Bend / Mishawaka area, lets connect!

Wes