That's an excellent and valid question, and I haven't heard a definitive answer to it, but my understanding is that you are due rent for every day you own it, at the very least.

What tools do you recommend besides the typical excel spreadsheet?

Of course the file section of BP is full of excellent things to study and I'm sure some of the more experienced folks will be answering you too.

Most of the notes are overpriced but there are a few that I've found at a good value with a credible seller.

But a lower % can get a Good or Excellent first deal done.The difference is education... be careful with who you select as a "mentor" since many out there are just looking to separate you from your money.Good books and forums such as Bigger Pockets can fill the need of a mentor, so do not limit your self for this.The first 20 hours of reading about REI (real estate investing) will give the best ROTI (return of time Investment), since with out this you could potentially lose lots of money.

excellent advice from @Jon Holdman one small clarification he means near your fl property when he says I'm your area.

A excellent honest landlord would want to have a check in list and have the tenant present and also on the checkout so everyone is on the same page, and it is best to show the tenant the check in list and go over everything and have it in hand on check out this way the tenant cannot say the landlord over charge on anything, and an excellent landlord doesn't need 30 days to see if there is any damage and most landlords like to hold the deposit, as long as they can because they could be running their business on a shoe string and need the extra money.Joe Gore

We have a few members on BP that have been providing excellent info/advice on tax lien. like @Jerry K. for AZ, @Ned Carey for Maryland, @Wayne Brook for FL.

This is an excellent site, lots of good information for the taking.

Buy an abandoned 2-3 unit on the southeast side (research South Shore, Hyde Park and 60649 area), rehab it and get it zoned as a condo and you're looking at major profits.I hear from @Brianna S that the northside's vacancy rate is excellent.