A few things to think about if you live very close to that small town 15-20 mins or less that would be a plus...if its a long drive and your doing a lot of the work then I would likely steer away. 

I just closed on my first house Friday and am doing all of the work myself with my step dad.

Still wanted to be close to CA and Lake Tahoe but have much more favorable tenant/landlord laws, property taxes DO NOT reassess on the sale, stable diversified job growth, population growth, land constraints force appreciation, and a ton of outdoor activities that I enjoy. 

Remember, when it comes to taxes, thoroughness and compliance are your best defenses against IRS scrutiny.No matter what tax advice you receive, remember that the devil is in the details, and the IRS will scrutinize your claims closely.

I’m not sure the specifics, but, we are currently doing/have closed many recently lower than that on 30-year fixed DSCR loan (individual or portfolio).

They provide a document confirming this at closing as well.I would not recommend lending money directly peer to peer for your first deals.

Unless rates have dropped or stayed close to the same than a cashout refinance might work and take some money out. 

I never closed a deal with them because each time I was lied to and the numbers were never close to real.

If you are getting started, proximity will help you and you can gain a quick competitive advantage by learning your new market with a bunch of cash to deploy into it.

Usually any Offer/LOI has a feasibility period and a closing period.