You should still have plenty of money left over for a reserve and maybe another investment or two.

You’ll want to make sure you have enough borrowing capacity to take on future projects and whether or not those “future projects,” need rental income or not for your to qualify.The reason is, because if you need “rental income,” on those future projects to qualify then that means during acquisition and rehab you will not be able to refinance so you’ll need enough rehab money and reserves to whether that storm.People who have enough income to refinance earlier might be able to do so before their rehab (assuming property is in livable condition, it can be dated just livable with working MEP’s (mechanical electrical plumbing)).

At this point, you'll probably still have enough left over to buy another investment property, invest the money in other asset classes, do some renovations on the place, and/or have healthy reserves.

It is important to look at the HOA's reserve funds, and look at their meeting minutes to discuss upcoming repairs, etc, and how they tend to upkeep the community.  

There's lots of opportunity for a new agent in the area, however, if you go full time, make sure you have reserves for living expenses.

I originally wanted to keep it as a rental, but leaning towards taking the cash, padding my personal capital reserves for future investments, and staying patient for future buy-holds.

Your problem is you dont have enough reserves to absorb the short term fluctuations.

I'm planning to reserve the property after I receive the security deposit but should I charge them a half month's rent to cover some of the vacancy period until they move-in on Jan 1? 

@Jake WarrenI think you could buy at least 1-2 more LTR's that cashflow well and still have reserves

.$20,000 before closing costs & reserves isn't going to get you very much of a property anywhere.