I’m having great success with AirBNB on my residential units, because you can get 2-3x market rents in these places almost year-round, which goes a long way towards compensating for the high prices.

For sure, can't imaging having mosquito season year round. 

It doesn't sound like you'd have to hold the property for a long time and if you're doing a cash-deal there's no mortgage to pay but it still doesn't sound like there's a ton of spread here.And you can take on that a few round-trip plane tickets, hotel stays, etc. for you since you're doing this deal and living in Wisconsin!

That 20% would be $16,800 and we'll round it up to $20k to cover any closing costs. 

You're looking at your first deal, do it wrong, and this sounds like you're trying to force a square peg into a round hole, and it might sour you on REI for life.

I do this in my post (scenario 2)... but I use $112k due to rounding. 

Hence, your exit options will be severely limited.IMO, look at the round-trip of a transactions - from acquisition, operation to sale - to truly understand if an investment would be a sound one. 

I'll round the numbers for the purpose of this discussion but basically we paid $440k for the property and have a planned reno budget of $100k.

CheckA well rounded knowledge of how a transaction works....

Last month, 2,714 single-family homes sold in the five Central Texas counties comprising the Austin-Round Rock MSA.