You end up with really thick walls and deep window wells but this could be a much less expensive option than lifting the house. 

Getting your feet wet is invaluable, but obviously you don't want to go deep sea diving if you cant even swim yet.Ultimately I think it depends on your lifestyle, your personality, your risk tolerance/aversion, and your safety net.

Too much trouble and worry.I have a red nose, I get it.

Major red flags to look out for when analyzing properties?

I plan on diving deep into Youtube, Podcasts and all that stuff!  

I had to do a deep search, but found the firm.

Or is this a red flag that it is a scam?

I think it will be crucial you work with an agent who is familiar with this and has the knowledge to dig deep to see if Air BNBing Carlsbad will be a possibility in 1 year.

For example, Mortgage  - Principal and Interest paymentProperty TaxesVacancy - i assume 5-10% depending on the areaInsurance - LandlordWaterProperty Management - if you are not in the area then you will need someone to manage thisIf at minimum the above are covered a decision can be made at a high level to deep down into further analysis. 

OK BP friends, as of now I have gotten my feet wet and am dying to JUMP into the deep end, I've been spending a lot of time 'learning to swim' in this lake of RE but I'm feeling a little stuck.