Ensure you collect a proper security deposit (typically one month's rent in Florida) to cover potential damages.Your plan to increase rent next year makes sense given rising costs (taxes, insurance, and maintenance).

Quote from @David Young: My wife and I are new to this and are saving for our first property our goal is to start looking for properties in November 25, we have a couple questions, would it be wise to invest out of state for our first time investment (we do plan on physically going to see the properties to potentially invest in) ? 

Not everybody can: https://www.biggerpockets.com/forums/51/topics/1075919-five-...Also, cost segregation will not help you with your CA state taxes, only (potentially) with your Federal (IRS) taxes.

And What other conditions/terms/costs do you calculate when underwriting the potential of a deal?

He has a few potential buyers going out to see it soon so I'm hoping someone he can find a buyer for it. 

Partner Driven saw the Brimerage Rd property as a straightforward opportunity with strong potential for a quick flip.

I’d dig into this a bit more.Another assumption that stood out to me as potentially problematic is the 6% income growth and only 3% expense growth.

Hi Saul,For better cash flow potential, you might consider Memphis.

In efforts to get more experience with IOS, we are seeking a financial partner that potentially has experience with this asset class. 

How to track potential growth in an area to see if a lot is viable for purchase and building spec homes on etc.