I understand how slow GOV involvement could be, but it sounds like a good option to use the cash for rehab as well as the sale.

So I am finally getting my feet wet.I have been putting offers in on multiple properties for a month and a half & I finally won a Multiple offer situation. 

They require more babysitting and it's hard to find a competent property manager that works in the rough areas because the management needs are more involved and the rents are cheaper, meaning less of a management fee on a percentage of rent basis.

Taking the time to expand your knowledge and get involved with different aspects of the real estate industry will pay off in the long run, just don't go into it with a short term mentality and you should be fine.

The condo/townhouse market prices haven't really dropped yet and I'm finding that the good ones are still going in multiple offers and over asking.  

You, i imagine, have seen nothing. what do you know about what you are about to involve yourself in?

I was provided multiple contracts but was recommended to seek a Real Estate Lawyer to look over the validity of it.

I'm now realizing that I could slow down at work and use multiple beach properties to supplement what I would have earned at work and maybe even eclipse my income so that I could work at whatever pace I wanted to.

Often times the purchase price is many times over that multiple.

Your first purchase will probably involve a 20-25% down payment if you use a traditional residential mortgage.