Is inter-state investing a good idea?

A tract of prime real estate near the interstate, enough acreage for a small subdivision, was donated to our local zoo with the caveat it wouldn't be developed.  

The biggest hit at one times was a auto accident where a ball broke off my hitch and severely damaged a trailer I had borrowed, and dumped about $5K of shingles on the interstate. 

HiLooking to do a refi on a "primary" residence possibly pull out equity to pay off debt and lower the interst rate from 5% to hopefully below 4% via credit union.Is it better to have say 10K in an account or use the 10K to pay off some of the debt prior to applying for a refi assuming good credit? 

In my opinion, the pros of seller financing/being across the street from a property we own/area that is appreciating and 2 minutes from the interstate make this a good deal even tho it’s slightly less cash flow.

If I can't raise to my target I do expect to at the least be able to keep a lower vacancy rate than the surrounding units.The idea of getting a contractor's licence is intersting.

We have managed to put away some savings since moving to CA and are now considering our investment options both locally and interstate. 

Good schools, plenty of conveniences, easy access to the interstate, and low crime overall.

Interstate 285 forms a big loop around the city, and this look is referred to as the "perimeter".

There are dozens on considerations from zoning to interstate access just to mention 2 biggies.