Have about 50k I would invest (access to more), with excellent credit and good income too, from my full time job.

Rebranding properties with poor reputations can also be a valuable strategy to attract new tenants.By implementing these strategies, you can lower expenses, increase efficiency, and ultimately boost your property's income.

If they are professional, they can explain this quickly and easily.

However, this is not specific legal advice to you, just an opinion based on the circumstances described in this thread.  

Is this just someone betting big on inflation?  

This was a high-end property that needed a lot of structural work How did you find this deal and how did you negotiate it?

Start with BiggerPockets Ultimate Beginners Guide (free).

My wife and I live in Chicago and vacation in San Diego every year.  We get a condo rental in Oceanside typically, and stay for 2 weeks. I'm considering purchasing a condo or a small SFH in the Oceanside/Carlsbad area...

Market research is very important but nothing is more valuable than just taking action. 

The license (if you aren't going to use it to sell) is worth it for access to the MLS and access to dumps the first day they on the market.