If you are setting aside funds for capex, taxes, insurance, or other expenses that don't occur monthly, transfer those funds to Savings each month and hold them there until it's time to spend them.

What tips and advise would you give/ wish you knew as a newbie??  

Investing in Florida, especially in Tampa, is a fantastic idea due to strong population growth, high rental demand, and no state income tax.

Here are some tips for networking and making the most of your account. 1) I'd fill out your profile fully before you do anything else!

David Orr started Tax Modern and wrote that linked article--I linked his BP profile. 

The capital gains tax if I sell the rental will be $40,000.

Thanks for the tips @Colleen F.

How about a hot tip!

The transfer fees/taxes for the deed can get into the $400 - $500 range for each of these. 

Plus the added tax benefits to support my current situation ($120k a year as a "single" person with "0" dependents Uncle Sam definitely gets his cut) A home my family and I could use in the off seasons on vacation plus creating a unique experience with lifelong memories for our guests sounds great to me, regardless of whether it cash flows.