You would be surprised what you can learn just by performing a google search on the property, so I try to limit my inside knowledge to that.  

You need a lot of horsepower (aka time, patience and dollars) to out-perform these folks.

The issue of whether the rental of property is a trade or business of a taxpayer is ultimately one of fact in which the scope of a taxpayer’s activities, either personally or through agents, in connection with the property, are so extensive as to rise to the stature of a trade or business.

All showings have been pre-screened fairly extensively.  

http://www.wcequitygroup.com/properties/4577620045Cost Analysis Performed as Rental PropertyIn:Rent - $11,100.00Out:(Annual) Estimated Taxes - $500.00(Annual) Estimated Insurance - $850.00(Annual) Property Management (Optional) - $888.00(Annual) Estimated Utilities/Lawn/Misc -$555.00Total Costs - $2,793.00Net:$8,307.00Earn:Total yearly net equates to -$8,307.00Total monthly gross equates to - $925.00

I love Florida and would like to hold more performing investments there.

Ie, most residences have a no-business clause in the lease, yet most people nowadays perform some degree of their work nevertheless in the comfort of their home.

The real answer is it depends on the intended use of the property, how extensive the renos are, and what your risk tolerance is. 

To build a buyers list, go to the top of the BP Wholesaling forum and read the sticky topics there; one has an extensive set of links to a variety of methods. 

I think that having a partner you trust in a particular area can dramatically improve your performance, especially if you are not living there or don't even have the chance to see the area.I also think that it is very important before you find a partner to experience real estate on your own, so that you have a good knowledge of what investing means.