I got the impression that they migrate around from job to job, living out of motels or short term house rentals for the duration of each opportunity. 

You can buy small notes with short duration or partials for 5-10k.  

My goal here is to break even on cash flow the first 3-5 years, with gradual income increases, and enjoy owning a beautiful property in an amazing location, holding it while it increases in value, and any increase in income serves us well over the duration of our ownership.Your thoughts?

As a realtor, past landlord and just being around investors I learn about all of the drawn out drama and huge expense and long duration's to get tenants out when they don't pay in CA.

If you want to keep your duration short then just buy front end payments for a term that matches your time horizon.You should be able to build your cash hoard to 140 - 150k buy the time you are ready to buy.

However, delaying the sale for at least 2 years isn't really going to cut it, because the option gives them the right to force a sale for any period during the duration of the option. 

If a tenant has been in a property that long I typically keep them there(especially if they have been on time payments over that duration).When you did your inspection before purchase were there items that you noticed to be attended to immediately? 

What rental duration are you typically expecting on a SFR vacation rental?

I am thinking rehab can be completed in 4-6 weeks....You typically want to base project duration on a contractors estimate that uses the exact nature of repairs?

The property was listed and marketed a few months after ownership took place and then remained on the market for the duration of the hold.