I purchased a property where there was a verbal lease, month-to-month, 0 security deposit, and the rent was 1/2 of the market rate... some instances you're better off having the seller evict 1st.

I'm now stationed in Colorado, and I definitely wouldn't mind spending two weeks in Destin every year in the off-season. 

If you have the means/energy, you'll need to explore acquiring deals off-market. 

Or am I off?

You staved off future drama. 

The more experienced RE investors that I know in San Diego are not purchasing rent ready units off the MLS in San Diego.  

The hustle pays off if you put in the work.

HI Hernan,You can always start off by house hacking meaning you live in one UNIT or ROOM and renting out the other vacant units/rooms to offset your monthly mortgage payment.There are several ways to run and make sure you are maximizing your rental income while keeping your living expense as low as possible.

I first dismissed it as a way to race to the bottom so that they can keep making cashola off us like AirBNB's does.

So you are already in it $20-$40k which makes it less profitable already - It can be done, but its a lot of work.You may be better off getting a private lender to fund the deal where you give them the majority of upside (80%+) - especially if you have no money in the deal.