I would spend time on carpets / flooring and paint.

So I am not sure whether I really need sources of passive income right now considering that I have a lot of energy that I can spend on investment strategies that require more efforts and energy.

Sure, if OP wants to spend an extra $500-$1,000 on an appraisal that can't actually be used by her bank just to have as a reference point, she can certainly do so.

Sarasota is a good market if you are wanting to spend time there too and can also have a lower buy in then other markets in Florida. 

But... the market is very, very tough right now, and what I tell everyone in your position is: if you're serious about it, you have to pick a market, go to it in person, and be willing to spend time in it in person, building a network and getting to know it. 

@Rod SmithI would not spend any money on seo- best seo is bigger pockets and making contact with people and networking

There's no way you are going to spend decades becoming an expert in your field and then spend countless hours sharing that information with a complete stranger.

Capex you can adjust spending levels as long as you controlled costs.  

I really do not want to replace the whole roof this time.. the fix does not have to look pretty as long as it works.Any ideas on how to stop any leaks that keep coming back without me having to spend big bucks? 

Although not required, spending a few hundred dollars can help you discover hidden repair issues.Contingency fundA mortgage lender typically requires you to have significant cash reserves before buying a residential rental property.