You can find BRRRR potentials on the market, but the problem is so will 300 other people and someone will end up buying it at a price that won't make any money.

If you are already investing out of state then you have overcome a large hurdle and you could definitely find a market that would give you both appreciation and cashflow if you were willing to put all the money you pull out back into a deal.

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Con's- feel like I am wasting money.

Are there private money lenders who do cash out refinancing deals as an alternative?

$70k is a lot of money but you are correct  - in these times you gotta be more strategic if you want any cashflow at all. 

• Civil Integrity: Does the prospective tenant have a civil records history that would influence the type of renter they would be, including any history of previous eviction, owing money to previous landlords or poor landlord references due to payment or behavioral issues? 

Now, I'm having trouble deciding if I should rent the other units short term vs long term.

I would add though that you do not have to invest in a traditional vacation market to make money. 

Propwire makes money off the skip tracing.