Rehab Long Distant Vacant Rentals or Buy in Home Market?

[Nick Uhas]

Hello, 

I have read 4 books from Bigger Pockets and listened to 3 audiobooks along with many other "How To's" in the real estate investing genre. I'm excited, and looking forward to becoming a successful investor and always open to learning more. I've had great success with reaching out to people on the forums so wanted to put this question out there for more experienced investors to weigh in on. (All help is greatly appreciated) 

THE SITUATION: About 10 years ago my parents got separated and I ended up inheriting 4 rental houses in the Columbus, Ohio area near The Ohio State University. The idea was that these units would be rehabbed by my father and put up for rent. For many reasons, this never became the case (they are all vacant and need some hefty repairs). Also during this time (in the last 10 years), I had moved to NYC and then LA for work. I have now lived in LA for the last 6 years and have a very stable financial situation. With that being said I'm now looking to get out of the cycle of rent and buy a duplex to house hack. However, because I own my own business and work primarily for 1099's I don't have the income on paper to go the FHA route and would most likely need to take out a non-QM to get the financing.

The Question: Would it be wiser to invest my time energy and money into rehabbing the units in Ohio FIRST, then moving onto a house hack in LA? Or would it be better to make the house hack move and then rehab the units in Ohio? I guess what I'm asking is, would it be harder to get loans or HELOC's for the rehab in Ohio if I have a new mortgage in California for around 650K?

I realize this was a long post, so, again, I appreciate all replies!!