We'd look at what the existing value of the property is the $ amount needed in repairs and how long that would take and the after repaired value of the property based on nearby comparable properties 

Usually they are considering several areas for vacation rental investment, and are often from within the state or nearby California, Washington or Oregon. 

Or nearby that it wouldn't be crazy to bring it over to your property?

Than, vs debt paydown, I would consistently stock-pile, and than DEPLOY that capital, to be working for me.

I got $3,700 from current rentals nearby.

For affordable "first-time" BRRRRs, a lot of people look at some nearby markets - Temple/Killeen/Waco etc a little bit north are some good ones that people have had success in

One of my big goals is to buy two houses nearby me just in case my kids want to stay or come back to the area when their grown.

I've looked in a couple other vacation areas nearby and it doesn't seem any are as lucrative.2) Do you think Landers and Johnson Valley are too far from the action to make sense?

@Andrew Steffens: there is Sky River Casino nearby, it’s 20 mins from CA Capitol.

This is something that will need you nearby to survive-- if the property was recently rehabbed aren't there units that can be rented out even at a discount on a month to month lease to help you with your note?