Unless they become an impediment to qualifying for a loan - which, if you only have $8k, they shouldn't - the math says you're better off not paying them off early.If your horizon is 1-2 years, I wouldn't be afraid of keeping some money in cash.

Ie If we got the property, the price is low enough that my wife and I could personally cash flow the building until it was stable, but is that a 12 month time horizon?  

A quick glance at housing affordability in AustinMedian Household Income App (Forbes): $73,493 ($6,124/mos)Cost of Living (Forbes): 15% above nat'l avgMedian Home Cost (SFR-ABOR Stats): $302,250Assume 5% Down Payment Conventional Loan- 30 year amortization- $15,112.50 down pmt + any closing costs• Percentage of residents with less than $1,000 saved: 56%• https://www.gobankingrates.com/…/…/americans-savings-state/…- $287,137.50 amt financed- 4.375% interest rateHow the payment looks:PI= $1,433 mosIns= $105 mosTaxes= $458.33 mos (Assume $5,500/yr)HOA= $25 mos$2,021.3/mos PITIDTI’sHousing ratio= app 33% @ median income ($2021/$6124)FHA should be at 31% or less with Conv/VA/FHA being around the same although all have exceptions in placeTotal DTIThese hover between high 30%’s to manually underwritten total DTI’s in the 50’s or higher depending on the programs@ 45% Total DTI Ratio and assuming the above PITI pmt that gives a borrower approximately $734 per month in all other creditor debt (cars/cc/personal loans/etc)These numbers are not perfect but are rather a quick illustration of current housing affordability in Austin for Retail Buyers.Summary: Housing is becoming less and less affordable in the COA for end retail buyersAssuming increases in property taxes/insurance/interest rates on the horizon how does this affect us as investors?

Our current investment horizon is about 1 year our so it seems like a savings account is our best bet to keep the cash liquid.

You should talk to a financial advisor and seriously think about putting the money into the stock market if your investment horizon is long.  

Honestly, looking back at my memories from a few days prior, I want and am cry thinking back to the first time I visited Paradise 3 days, before the fire spared/started early Thursday morning...I actually planned to visit them again and confirm a meeting with them on the day that the tragic event unfolded(not knowing what would happen a few hours later): it all made me cry and hurt inside, when I messaged them to ask what time would be best to meet.... a few minutes later replied with a startling photo of smoke in horizon/sky, then a few minutes later they described a large groups of birds flocking away, and then a shocking and scary reply... that they all must "evacuate immediately" and that the wildfire was moving very very quickly!

And factor in that you're in an appreciation rich market you don't want to leave if more appreciation is on the horizon. 

Im living and working in So Cal as a consultant/ installer for a skylight company, and im looking to broaden my horizons everyday- as per a Panda Express fortune cookie.

A younger person with more of a time horizon and/or a higher risk tolerance might feel quite differently.

I'm not buying at the moment...though its on the horizon for the next 12-16 months.