If you could rehab for 100k to add 100k in value, you'd be working for free...there is a lot of work unless you hire a gc 101% trustworthy...for the opportunity to hold the property, be responsible for loan, taxes, insurance and upkeep and take the risk of another hurricane (or fire or other low probability but very expensive incident) or low occupancy and negative cashflow or partners (siblings) not playing fair or wanting out or even you wanting out in a down market with only 20% equity and no buyers.

The 5th bedroom allows two siblings plus kids and the grandparents to have a pleasant vacation.

Two siblings purchased the property years ago only adding one to title, but a year ago the one not on title moved in.Any way around waiting an additional two years if a quitclaim deed is now completed.

My 3 siblings just received their 1099's for 53,300 each.

If you sell to the sibling I imagine you are going to do it on installment sale, so it may be a wash for DTI purposes.If you gift it to the sibling, you must really love that sibling to gift (around a hundred thousand dollars?)

Older siblings reside near Denver also an excellent vacation rental location.

He know that if he wills property to my siblings, the business won’t survive.

The property was inherited by 4 siblings, 3 wanted to sell, 1 got cold feet at the closing table. 

As a kid my siblings and I had paper routes in that areas.

Then once you decide ownership, whether the spouse is included or not or if the siblings want to purchase her share of the property and then divide ownership of the rest.