Its in the 34652 zip code and has been fixed up by the turn key provider so there should be no additional expenses. 

Maintain proper records - Contracts, Settlement Statements, Agreements, Promissory Notes etc.Additionally, youcan track income and expenses consistently, using software or spreadsheets.As you scale, ifbookkeeping isn't fun for you, consider hiring a bookkeeper for a couplehundred bucks per month.

You will report your rental income and expenses on Schedule E.

You could go for lower priced markets that aren't seeing as much growth or go for one of the fastest growing cities in the U.S. like Columbus that still, has deals very well priced compared to other cities. 

Once you have a good estimation of rents that is your income and you can calculate the other expenses an ultimately your returns. 

I use Excell to keep up with income and expenses and any repairs or improvements. 

The goal with this strategy is to have low living expenses as your tenants are helping you pay down your mortgage.

In other words, you'll end up with tons of info and great advice, but none of it is going to do anything for anyone unless that information is applied and executed.I do appreciate the info, the knowledge and material given in the workshop and for free online, I can only imagine the more expensive course will provide even more of that.Good luck with your decision.

While you will have more of an interest expense write off, your basis in the property will be reduced.  

What's your net after all expenses and some cap ex savings?