Additionally, I have $100,000 in cash in the bank, and my monthly expenses for my home and family are around $3,500.My wife earns between $100,000 and $120,000 from her W2 job, while I've recently lost my job but found a new one that pays $65,000 a year.

If the stars align, we estimate that we could potentially earn $1,000 to $1,500 per year from the property.

Just looking at Zillow I’m having a hard time making the numbers work between prop taxes, insurance, management on 20% Down vs cash currently earning 5% (albeit that 5% going away soon with rate cuts)  To be completely honest, there's not much right now that will give you decent cashflow without getting into a full rehab.

Quote from @Scott Mac: Maybe the infrastructure, electrical grid, water sewer, pavement thickness on the roads, cannot handle the extra people in the area.

Wish I had remodeled the space that is the dining room into an extra room to improve cashflow.

The 2-3% points in extra cost are worth it if you plan on using as I described above because the use would be for a few  months at most and due to that short term use you can survive a rate adjustment up.But, if you have no plan to payoff the debt like when using for a down payment on a long term hold why pay the extra cost for flexibility and have the additional risk of the adjustable rate with the amortization looming when you can get a fixed rate second mortgage. 

You'd learn and potentially earn a profit at exit.Another way is to wholesale the land.

It happened to coincide with Hurrican Harvey and we flooded during the rehab. 212 extended the HM loan without any extra fees for 4 months until December 31 2017.

I am a registered nurse, I earn about 80,000 per year.

Wish I had remodeled the space that is the dining room into an extra room to improve cashflow.