. - Comparative Affordability: The Oregon Coast still offers a lot of value in comparison to other coastal states, particularly neighboring California & Washington.

California isn't the only State you can invest :) This investment doesn’t meet “The 1% Rule” if you search BP forums (using the magnifying glass feature, top right of your screen) you’ll get a lot of feedback on if this is a good investment or not.

The worst thing you can do is to choose one contractor and use all of their subs out of state.

Our group is helping a client now with a heloc on an investment property in the tri-state area. 

You state that the ARV will be $240K.

Does your state have a redemption period? 

IMHO, you should at least break even (depending on your state) on your real estate and if you don't then don't move forward.  

Getting our feet wet with out of state deals How did you find this deal and how did you negotiate it?

However, keep in mind that in some states including mine (PA) that you get hit with property transfer tax twice.

The town of Sedona and the county are not generally in favor of STRs, but have to allow them per state law, and more restrictions have been allowed by the state over time.