Good to have a healthy balance in the relationship! 

@Wyatt NaumanHouse hacking in Colorado provides benefits such as appreciation, personal networking, and lifestyle.

Assuming the property is equally owned 4 ways (25% each) you could have the property appraised for confirmation of value: $1.8M/4 = $450k/share x 3 = $1.35M could be obtained as a cash out refinance, potentially utilizing a healthy portion of the STR or projected STR income to qualify. 

Think about what works for your life and lifestyle.

Besides real estate investing we are passionate about family, small farming, growing healthy foods, and building community.

I'm particularly passionate about  Passive IncomeOutside of real estate, I enjoy family, working out, running 2 real estate investors group in Orlando, and creating relationships, and lastly healthy water and clean air purification for homes, schools, for all real estate actually as there is pollution and sickness because of caamination ... our water and the air we. breathe.I'm excited to learn and connect with you all!

Consider all the lifestyle factors when investing out of state that could make a lower priced investment look different. 

More lifestyle books than business.

People would probably prefer a duplex because of privacy, and a newer duplex because of lifestyle/lower maintenance. 

Also, markets that are relatively more affordable, such as those in the Midwest, have seen healthy price growth this spring.