Not exactly 1% rule, but it has high appreciation potential (although I wouldn't bet on it). 

Not that location *necessarily* matters, but would it help to take some online real estate inspection courses for Florida (if they exist) to make sure I know what to look for when making purchases down there?

ok i was just wondering as a first time home buyer would this be a big mistake going online and using websites like Trulia zillow etc to look for my house and just contact that listing agent and set up a meeting to look at the house and if i like just buy it at the listing price? 

Looking around online it seems other condos in the area are renting for $1300-$1400 a month.

I think NPN you have to   to make sense of it.other wise great performing notes since you have cash flow day one is a better bet for a beginner and you align with a great broker who just feeds you the deals.. much much easier and safer.then once you get the hang of it if you want to try the NPN and if you can find one that makes sense.other wise I think its a business and a job basically and needs to be scaled..

There are a lot of PM software systems that allow you to bill and collect rent online.

This, coupled with an online portal and rental capability along with utilizing a call center allows me to manage the properties from home for the most part.

I'm new to these forums, so apologies if this is the wrong section or a repeat (I'm betting on repeat).  

Purchased and began my online real estate license course (via Kaplan). 

There is free software out there that will effectively market your property, screen tenants, price your rental based on comparable properties, provide renters insurance and online applications, etc.