@Ruben Helo Ruben, if your final choice(s) is to invest in areas other than where you live, be certain to do 2 things in relation to the front part of those BRRRR's before going under contracts to purchase: (1) Make sure you have a quality short-term rehab style lender, and that they service the area/city that you are targeting.

If your first choice doesn't work out it least you will have some options. 

If you have 100k in cash and you have the choice between paying down your mortage of let's say 4% or investing or buying another rental property that makes 12% logic dictates to buy another rental property.

Success is a process, failure is a choice

After 50 videos - you either like what I have to say, or you dont - the internet gives us so many more choices now.

Obviously you should get your EMD back if the deal falls apart, but it was your choice to get an inspection. 

But like others said, with a 401k, you have little control and your investment choices are often limited.

If not, and option agreement is a better choice.  

First research a name choice on the website to be sure the name you are choosing will be available for you.

This is the riskier choice as you'll likely be taking on more debt when you purchase that property.