The forums are a great place to read about whats going on in your local market as well as read up on topics of interest.I'd recommend setting up keyword alerts to receive notifications anytime a topic/area of interest in mentioned.I would also take some time to complete your BP profile.

If your mortgage rate is lower than what you could get today then completing a refi where you borrow more money at a higher interest rate and incur closing costs on the refi could cause the beach house to be even more negative as an investment.

It's pointless→ I want to evaluate how the property is performing NOW→ Where it COULD BE performing→ And WHAT it will take to get there.This involves (at a minimum) checking comps, creating a 5 year proforma, verifying taxes & insurance, and making assumptions about the business plan.You can't determine if a deal is a pass/go simply from NOI / Cap Rate.The art of underwriting involves finding value where others miss.If you're passing on deals just from dividing the in-place NOI by a cap rate, send those over here!

The apartment never had blinds or ceiling fans and it’s simply not worth the cost to install.

I’m learning everything and anything I can by all available means, but would love to find someone in the same market who would possibly be willing to share their wisdom and potentially walk me through an actual transaction (simply as a spectator on my end, or in any capacity you’d allow me to be involved in).

Quote from @Jacob Sherman: once someone stays 30 days they're a tenant . you should consult with a local real estate attorney  @Andrew Bosco - This is true, but you can also do a free review of your local laws by simply downloading a Zillow Rental Manager lease.

Also maybe give them a heads up that you will be sending out resident information forms and new leases to be completed and returned. 

Complete remodel.

There are a few product types I know like the back of my hand and, if I were the primary decision maker, could take a design from entitlement reviews to having a complete design ready for engineering within 2-3 weeks.

Inexpensive land scaping is a good place to start - simply mulch the flower beds for example.