One of the tenants we have already started eviction proceedings against due to non payment of rent and the other one we are giving 30 day notice to because they had someone living with them that was not listed on their lease and this person was involved with some shady things so since it was a lease violation, she gets a 30 move out notice.   

Do you know zoning and variances?  

With regards to issues involving the contract, it's literally "Charlie Brown teacher" to my ears.Also, only offering MTM leases allows you to more easily mitigate a tenancy where someone is acting incongruent with your initial impression of them.

Starting small is okay; it's all about gaining experience and building from there.Networking is also super valuable, so get involved in local groups or forums (other than BiggerPockets).

(especially for those involved on this website)The reason I mention if it matters on this website is because most are real estate investors(long term buy and hold) and will most likely operate at a tax loss which doesn't have an impact on taxes.The second point is, will you invest or not invest in a good investment because of what your tax rate is?

Bought at $126K, as-is value $165K, and updated value $265K - that sounds a very low margin given the risk involved here. curious how it turns out so far 

No bank involved just yet.

Also, when considering purchases versus refis, do you have specific criteria that help you feel more comfortable with the level of risk involved?

Diversifying involves buying multiple properties to reduce risk and increase rental income.

This idea involves not taking control of a property, but instead, helping existing beach home owners sell shares in their own properties.