Whatever you decide on your next investment, Little Rock is a strong contender worth considering.

Are there any house at that price point that would rent for $1200-1500/ month with 20k worth of updating?"

They can't print the envelopes cheaply enough to make it worth while, so I would still run the envelope through the printer.

Worth area for over a decade.

You'll want to enlist a CPA on this to assist you- Repeating the above for Cancun, since it's a vacation destination already, I'd almost guarantee you that you cannot write it off 100%In regards to travel, it's also important to remember that even if everything is used 100% for business, the IRS classifies business expenses being valid if they're "ordinary and necessary".

Quote from @Louis Hamilton: The property is worth around 800,000 and has no mortgage on it.

It has been worth the hassle. 

Hi Joshua,We do have a current house in Idniana worth around 120K.

That being said, there won't be any down payment required since you have equity (you're guessing ~55,000 but I wasn't sure if you were meaning the property is ballpark worth ~$175,000, or more than that). 

If you didn’t think $6k was worth it you might find it’s under $5k.