Short Term Savings Goal of $40k to Buy Real Estate

We've got a short term savings goal of $40k for a 20+% down payment. Ideally, we'd want the money by July 31st. However, we would probably be able to come up with only $30k by then. The other $10k would come from a short term loan from our ROTH IRAs, a signature loan or HELOC. Ideally, I would prefer not to do any of these. However, we're concurrently maxing out our 401Ks & IRAs and it's tough doing both. We shouldn't have to pilfer the IRA accounts or take loans if we defer the purchase past October 1st (ideally, this is preferred).

We're planning on real estate in either central Louisiana (around Lafayette) or one of several areas of Arkansas:

a) Condo on White River (supposedly best trout fishing in the east). This would require about $40k for 20% down payment.
b) Areas surrounding Little Rock. This would require less than $40k for 20% down payment.
c) Areas surrounding Bentonville (Wal-Mart country). This would require less than $40k for 20% down payment.

We'd be able to manage property in Louisiana and concurrently visit with my wife's side of the family.

As for Arkansas, we're interested simply in diversifying the locations of our real estate. I'm kinda thinking that Bentonville is the commercial equivalent to Washington DC in the early 1900s. I think that despite the political wrangling growing around Wal-Mart, it will continue to grow and affect the outlying areas. This strategy could be risky since it relies on a single employer for the local economy. As for Little Rock, it'll be a short driving distance from Memphis. We bought a house North of Memphis and will be living there for a few years (Hustle and Flow music in background... Ha, Ha, just kidding about the music. Memphis is being stereotyped b/c of that movie).

The Condo on the White River is in the conceptual stages. I know the attorney that owns 14 acres of frontage property on the White River. He's meeting w/ a handful of real estate developers this summer and plans on building 40-60 units that include river frontage. The property is located in Baxter county, Arkansas. This county is considered part of the Ozark Mountain range. Here are some pictures of Baxter county attractions (note, White River is towards the bottom).

On a side note: If you subscribe to your local Sunday paper, look in the coupons section and you might find a coupon for a free “Premium McDonalds Coffee.” It’s in our paper here in Monterey, CA. It might save you $2.5 in the morning if you were otherwise going to stop at Starbucks. Also, the “Parade” section of today’s paper has its annual report on “what people earn” and “the economy and you” sections (an interesting read).