New guy here please tell me what do I have here. Any information will be great

See the axle for the rear wheel?

It fits into slotted, stamped steel fittings welded into the ends of the stays from the seat and crank bits. Those are called dropouts, because once you loosen the axle nuts, the wheel should sometimes just " drop out" of them. You can also move the wheel forward and backwards in them to align the wheel, and adjust the pedal crank chain tension.
Okay thanks now I know what you are talking about. I did see that. So that’s one of many adjustments I’m going to be doing
 
$30, BWAHAHAHA. Good deal. Some days the Bear gets you, others you get the Bear. Well done!
 
Also, at its current state without a pedal side chain, it has absolutely 0 brakes.
Yep I know that’s some of the problems I’ve have with it.
It looks like I found the perfect place for information on how to fix this bike. Just wanna have some fun
Thanks
 
It's a 48cc engine and that makes it a little harder to find parts but there still available.

Not really. There's plenty of 48cc engine bits and complete kits out there on Amazon, Ebay and other suppliers.

Kits are starting at $117 and going up for complete kits. Note that my experience with the cheap Amazon kits hasn't been stellar, I'm not sure if this is the norm, but I've gotten the engine to run fair enough with some tinkering, and basic engine mechanical experience.
 
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