The lease has a statement that says "If this property changes Ownership due to sale, foreclosure or deed back to the lender then this lease may be terminated with a 30 day notice unless the new Owner agrees to continue the lease and both parties wish to do so".

Should I continue saving and buy a property up here where I would be able to manage it or should I buy in south Florida and hire a property manager?

As a new landlord, what tips would you provide to me to make sure I continue to be profitable and grow?   

Always looking to meet others in the area that are developing, as I am new to the game but hope to continue to do more....Thanks all for your thoughts! 

You did not indicate if you plan to continue to live in CA. 

Definitely recommend the BP Podcast, blog and forums to continue learning more.

@Costin IorgulescuAs I noted, if investing in rental property will produce better results in terms of risk/reward than continuing to invest in the stock market only, then it is the right move.There is no apples-to-apples comparison between you personally investing in real estate and your IRA investing in real estate, just as comparing you investing in stocks with personal funds would also be very different from you investing in stocks with your IRA. 

The electrical can easily be inspected with a simple voltmeter to test continuities, voltage, etc.

I will definitely continue to read and understand the rules prior to making a decision on whether it's the best route for me to take.I appreciate the input and link!

We are hoping to continue growing our real estate portfolio through multi-family homes and possibly a few single family homes in the Buffalo area.