In my opinion Option 1 could be a bit risky in today's environment as we are not sure if prices have hit the bottom yet, there are positive signs in the CoS market that point to price appreciation in the future, but there is a good chance the interest rates are not coming down for a while, which will have a negative impact on home values. 

out of state offers many investors in high priced markets a chance to play when they cant play at home.

I have the chance to develop a 35 door BTR project that happens to be in an opportunity zone.

Remember that most good tenants give notice at the end of the month, so if you post something for rent on the 25th to get someone in in less than a week, chances are you will appeal to the exact type of tenant you want to avoid.Determine if your place needs any work, leave time to do that and try to post it for rent in the first 10 days of the month.

If you do your own thorough analysis of the metropolitan area, neighborhood and property, you have a much better chance at being satisfied with your investment.For example, I'm not sure what market/property you are looking for, but given the $6k out of pocket number, it's likely a cheap property in a B/C neighborhood.

So, then you’d have change title to your personal name to refi using a primary residence loan, so you’d have to find a lender, FHA is out, which would let you Simultaneously transfer title to your name and refi at the same time…might need some luck on that one.Also it is Not a cash offer, which means you Already have the cash when you offer…..which is Why people prefer a truly cash offer, since there is No chance of the sale falling through due to the buyer being unable to get the loan (for their “cash” offer). 

If they moved in a week ago and you were in there just before that and spent time in there painting areas they claimed had mold, what are the chances that there is that much mold growth that you would have missed when you were in the place?

This thorough process ensures higher chances of getting the desired price and timing.

Paying more only on one can give a chance to get the other house potentially refinance if the rates go down.

@Ivan Terrero I can totally see where you're coming from with your comments (are you from the DR by any chance?)