My question is do I go forward with purchasing the property and deal with the higher insurance and potential hazard or is it smarter to walk away?

@Brandon SarrettKeep in mind just because the tenant is month-month and you can raise their rent doesn't mean they are going to pay it or can afford it.

I find myself enchanted by short clips of deal analysis (SFH though MFH also works).Do you know where I can find channels of youtube doing it?

They are the ones responsible for your actions.In TX it is a one page form we are required to provide at the first substantive interaction. 

One of the two was an existing STR with a killer income history, and they wouldn't even use it, they used the AirDNA projection.  

Even if it's a new build, with 4 units, you're going to have lots of repairs.

Most of that will be at the beginning/end of a lease.If you hire someone to manage a short-term rental for you, your time requirement will be less because you have someone doing the work for you.

It’s awesome that you're partnering with your brother and focusing on regional vacation markets for your first property.

Prioritize your financial stability.

@Arman Ahmed that's pretty much how I was looking at it.