Our goal is to keep your maintenance costs low to keep your return on investment high. 

That's quite a goal.

She ended up using a 1031 to exchange into a smaller multifam near Austin that better aligned with her long-term goals.

Ultimately, it’s about finding an arrangement that aligns with your goals without compromising your ability to discover the best deals.

It's a balance of cashflow and wealth accumulation.One of the goals is to have tenants pay as much of your cost-of-ownership as possible (loans, taxes, insurance, etc.)In high-cost areas, any Class A or B property you buy will usually negative cashflow for the first 3-5 years, until rents rise enough to cover the negative cashflow + rising taxes & insurance.Investing OOS increases your risks because you may not know the market and you can't check on everything/everyone all the time.If you move forward with your buddies, HIGHLY recommend creating a solid Partnership Agreement!

(currently  I have been sending my investors a 7 question survey to fill out for their criteria)My goal is to build genuine, long-term relationships with investors by creating opportunities that benefit everyone involved.

What's your actual goal in this?

I am guessing the beach houses were usually purchased and rented with a goal of “free” family vacations being paid for (along with mortgages) by rental income.  

A long term approach is always the goal when looking at any buy and hold deal IMO.

If you decide to exit real estate entirely, just make sure whatever investment path you choose aligns with your goals and risk tolerance.