I'm not even a fish here, let alone a big one so feel free to ignore this. 

Peniche also has a university and a fishing industry to provide alternative economic drives if tourism does take a hit.C.Supply constraints– Peniche is a peninsular!

many houses in the midwest, for example, are very old and need major rehabs.i personally think out of state investing is more difficult than advertised, and much more difficult in the current investing environment, with: prices high; interest rates high; tremendous demand for inventory, by both investors and retail buyers; and good PMs, contractors, etc. booked up.here's a really thoughtful thread with the experience of another CA investor and lots of different responses:https://www.biggerpockets.com/forums/12/topics/1215726-break...and here are some threads about how it can very easily go wrong:https://www.biggerpockets.com/forums/48/topics/1159104-overl...https://www.biggerpockets.com/forums/963/topics/1195280-expe...https://www.biggerpockets.com/forums/48/topics/1160450-run-i...https://www.biggerpockets.com/forums/48/topics/1137397-balti...finally, you also said you "don't have a lot of money to start with." 

Has anyone ever caught a fish and dropped it on the bank?

Alternatively you can do the LOC (line of credit) on it so you can retain the home but are definitely subject to today's current rate environment.

@Andy Mirza I agree that there will be vast opportunities for distressed debt in the post-Covid environment, but we won't see those assets probably for another 9 months or more.

How is this a positive environment for real estate investment?

These are primarily found in cities with a population >1M.Pro-business environment: Many cities treat employers as adversaries through restrictive policies.

It was before my time, but my understanding is that triggering a DOSC was more common in the 80's during a similar rising interest rate environment like we find ourselves in now.  

In the current environment, it might make sense to rent for a year or two before you commit to a purchase.