Ultimatly, I am looking to purchase another multi family and planing to use the money for the down payment in addition to any repairs that I may need to do. 

I was planing on using a short sale company to do the nagotiations with the bank

The September 11th attacks were a good example of this - people stopped traveling by plane for quite a while and vacation rentals took a big hit.  

Timothy Murphy III and @Eric P.Yes, I'm from California, the reason why I'm asking is because I'm negotiating with a seller in the area and I'm planing to flip the contract over to a local (OH) investor.If anybody knows someone actively investing/rehabbing over there, please let me / them know.

With the money you'd save locally by rolling up your sleeves to manage acquisitions, renovation, and tenants, and not having to hop on a plane to visit your investments, you'd smoke the return you'd get out of state with a turnkey, and with less risk since you'd be in full control of your own destiny.  

The cost of a plane ticket and hotel is a worthwhile investment, and far less expensive than a bad purchase. 

If you want to minimize the risk go with better location but also do a detailed property inspection so you will know what are the big ticket items and you can start planing for them immediately. 

Write one note on plane white paper, lined.Then copy it onto plain white paper (or yellow) with no lines but in color mode.Your note and the lines will copy onto the new sheet and should look hand written.  

I was living on Maui when terrorists hi-jacked several planes, including the ones that hit the Twin Towers in New York City.

You may be able to roll into a self directed ira and access the money for flips depending on how much labor you are planing to provide.