The remaining money can be used to perform more approved repairs.

10% is accurate in our market. 

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.

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.

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.

I'm a believer that real estate should be treated as any other asset class and decisions based on financial returns and performance rather than geographic proximity.

I don't think you will get someone on BP to be able to provide an accurate comment without seeing the will and all the other information which you do not have.