That said, I'm unfamiliar with the market and would love to meet with other investors who are finding some success (and mishaps) to help refine my game plan.If there are any REI meets ups please let me know!

Remodeling and addressing the current market demand.

Just like with multifamily buildings, the more modern and move-in-ready a property is, the less potential there is for adding value, which can limit your return on investment.I suggest looking for off-market properties.

Be sure that you have a differentiator that makes you unique against other homes in the market.

From what I’ve found online, there appears to be a 6-month seasoning period before refinancing, but this may not apply to non-cashout refinances.

market of 1980-1981.  

When I acquired the property, both tenants were paying below-market rents.

I might be eating these words later, but as far as I can tell, at least here on the Oregon Coast and beyond the market crash everyone is waiting has not materialized. 

A month-to-month rental is typically priced higher, which means you may be worth $4,000 - $6,000 per month.I highly recommend you research your market and understand the value of what you are renting.

Whatever is cheapest and most durable for your market!