If you need the cash flow to live on and it will improve your lifestyle, then go for it.

@George Blower yes, If any funds go to pay the seller note it will be a contribution first to the Solo K, then paid out to the seller.

If you are investing out of state, then do you already have a good property manager lined up? 

Then when a property pops up that works to your analysis in that market, make the offer. 

You then might renovate the property, so it's worth, let's say, $150,000 after 12 months.At the end of the first year you have title to a property worth $150,000 which is serving as collateral on promissory note where you owe about $88,600.

Owner carry financing, hard money for renovations, then refinanced into a long-term mortgage.

If you have little to no track record then you need to offer another 2% points.D.  

Find the style that people are doing in the area then find equivalent options for materials at local supply houses.

Quote from @Brandon Vukelich:If you buy a vacation rental in Hawaii, then you're tied to that location.

From then I knew real estate investing would be in my future.