It all depends on your willing and able to fix up a property from out of town. I can tell you from the heart, I I am in the process of purchasing investment property out of the area. If it wasn't for my reliable sources and contractors that I REALLY trust, it doesn't matter whether it is a short, REO or traditional property. It depends whether or not if the actual property would bring you at a least a 6 to 8% ROI. Also look at the tenant turn over rate.
Personally, I would purchase vacation rentals if you are looking at Mission Beach or something that people can rent out while the are stationed here, in school or short summer rentals like a condo, townhouse, or small beach house.
If you have any questions, please let me know.
I am an agent who is also an investor and works with other investors.
Realtor - Cal BRE #01893550
Keller William- Carmel Valley
12780 High Bluff Dr #130
San Diego, CA 92130
Cell (858) 617-9449
Email - firstname.lastname@example.org
website - www.sandiegohomesbynancy.com