I am probably considered conservative to want to have a certain amount in the bank rather than just betting that the new house would not have repairs.

After expenses, I bet you're making less on this home than you would if you just rented it out to a family for a set price.I just did a quick Zillow search of 5bedroom houses near the university and almost every one rented for over $2,000 a month.

If you want to do it there's no reason you can't put in a clause saying if it exceeds that amount all bet are off.

After that, your best bet is to study airbnb and vrbo.

I have lived in South Florida for quite a while (from Palm Beach Gardens, down to Homestead) so I know we have a hot market and creating opportunity is probably gonna be a better bet than banking on a turnkey deal to cashflow.I will definitely be keeping my eye on Home Path because I am beyond ready to find, fix, and rent my first deal!. 

. :)  Oh the good ole days.yup I did not realize FHA went past the SFR minimum when you buy doors.. now I know why a 4 plex in PDX does not last 2 hours and sells for what they sell for and duplex's as well.. bet a lot of them are house hacks.. but for young couples or single starting out seems like a pretty reasonable way to start when you have a good job credit but not a huge down stroke.. compared to buy a low end rental way out of state..

Although a very safe bet right now in CP, is that what you want?  

which way is the safest bet? 

I bet you'll be able to find at least a boiler-plate lease that you bring to a lawyer.

That contract will be grossly one sided, you can almost bet on that.