We have enough to put down 20% to eliminate PMI, but would like some advice as to if this is a smart move?

Doesn’t mean I’ve completely eliminated TK as an option. 

That eliminated the no-shows.Thanks for everyone's help

We know our own area well, and can almost always find deals that we'd like to pull the trigger on, but until we accumulate more cash, we can probably only purchase another $100-120k in property before we slow down and wait for our debt snowball to catch up (pay down the HELOC and eliminate the cheapest mortgage to open up standard financing options again).Here is the conundrum: Another local long term rental (or two) would be a great decision, BUT a beach house sounds like a lot more fun.Specifically, we are 2 hours away from Panama City Beach, and we are curious to get into a new type of real estate.

Like others have said file an extension and pay an estimate of your taxes so you can eliminate or avoid a majority of late fees/interest.

It will hopefully eliminate a lot of drama with your property.

[The fact that you got your brother to ok the numbers before going ahead doesn't really eliminate a daisy in the daisy chain - in my opinion]. 

It's those maniacs that buy homes cash via quit claim deed off of craigslist that really get screwed.Make sure your property manager is a licensed real estate brokerage.Understand you can not eliminate all risk, only mitigate it.

Or at the least taking professional looking pictures and doing a flat fee listing on MLS, and willing to pay Buyer's agent 3% so you don't eliminate a large part of the market. 

Calculate your bottom line using 70% of ARV (After Repair Value).Do not spend more than (.7*ARV)-RC (Repair Costs)Example: House is appraised at $100,000 *if repairs are made*...7*100k = 70k.Repair costs are expected to be $25k. 70k-25k = $45,000 (DO NOT BUY THE HOUSE IF IT IS OVER $45k)Take another look at the ‘going rate’ of rent in your area, make sure your cash flow is enough to cover ALL costs and include a buffer for taxes and unexpected repairs.Look at the property yourself - try to eliminate assumptions.Have a trusted professional assess and confirm info about repairs that may have been overlooked.Look at how much work you can do on your own and compare it with contractor rates to complete all repairs.