Higher priced BRRRR or lower priced vacation rental

[Travis Ward-Osborne]

So here’s where I’m at

I’m going in with a partner (he has the money, I have the hustle and the knowledge) and we’re trying to decide between two options:

We're prequalified for a loan on a minimum purchase price of $225k where we could buy a place in a more expensive market and BRRR it, OR we can buy a place near a lake for all cash and rehab it into a dope vacation rental.

What are your thoughts? I know it’s not a lot of info, but just for the basics.