So, your focus may need to pivot from high rental cash flow to little to no cash flow as a rental with an appreciation upside.I would recommend taking your $150K to $200K and securing a solid equity position in something that will cover its expenses and maybe provide a small cash flow, but then is poised to appreciate nicely over the course of the next several years. 

Also, managing the property as a rental could offer tax benefits.When purchasing, keep in mind condo association fees and maintenance costs.

@Justin FondrenIf your credit score is in the 700–730 range, you're in a great position to secure favorable loan terms.

Hey Cecil, if you have the capital to operate locally, and it fits your goals to do so, I highly recommend doing that.Congrats on securing your primary though.

You’ll have 45 days from your sale to identify them and you’ll have to buy enough of them, and only them, within 180 days of your sale to meet your 1.1M requirement, or face taxes.

IE securing them paying tax's insurance etc etc. 

At least now your tax basis is $220k ;-)  What was the extent of the repairs?

@Chris Seveney @Nathan Gesner The owners offered to cancel their lease and return their security deposit in full.

.; and capital to pay for options, marketing, legal counsel, accounting, tax advise, etc.  

If you need financial help, ask under the "Finance, Tax, and Legal" forum.