Just be aware you can’t use that cash flow for living unless you are at age to take $ out

SMF you could start in the low 200's that are in a better area with cash flow potential.

Aside from mortgage and tax filing implications, what other considerations should I be thinking of?

We've asked the seller for considerations d/t this breach in contract with no resolution. 

We keep the assets and allow them to continue to cash flow, thats the Nomad way.

Also they are building SC's largest pool club down the street.We expect it may negatively cash flow a little bit, or break even at best for the next 1 - 2 years, but the equity over the next 5 - 7 years is expected to do well.Additionally, my husband pays a large amount of taxes currently.

I have found properties in the area that generate cash flow with a 30% down payment.

Cashing out all your money, and cash flowing? 

You have no positive cash flow, no upside equity, and virtually no downpayment after closing costs. 

Budget may go over considerably...don't know yet.