There is no point in monitoring the market because the best options move fast or never hit the MLS.

@Chris S.I agree with @Mike Makkar in that you need to constantly monitor your property value.  

Do others allow their tenant to use the security system during the rental period, but without the monitoring service?

@Carlos Asuaje while the parents may be the ones footing the bill, they are not there to watch over and monitor their kid's behavior/actions.It is extremely important to heavily screen all applicants.

I should start out with a house and rent out the other rooms that way I live there with the roommates and I can monitor things closely as a landlord.

We HAD to hire a Commercial Architect & then design, install & monitor ($100/month) a 24/7 fire sprinkler system, BUT they let me do all the design/install work, didn't even force me to get permits, but were on my azz every week for updates. 

Once you've done your analysis, go into the auction knowing your highest price and then be disciplined about not going above it.Second advice is we recommend that you identify a property or two you're not interested in, due a mock due diligence on it/them and then monitor those auctions to their conclusion with an eye on when you might bid. 

Monitor Progress: Regularly review and assess your progress toward the 3-month goals.

Check out this thread, and click "monitor topic" to stay in the loop:http://www.biggerpockets.com/forums/86/topics/97830-anyone-interested-in-a-central-florida-bp-meetupWe are meeting Saturday the 21st at the TooJays Deli in Waterford at 10am715 N Alafaya Trl, Orlando, FL 32828Any questions give me a call or ask in that thread for Central Florida

Just search on-line, you'll find a number of products.Hi Danielle , are you using the Flume device to monitor water consumption to bill tenants ?