this is the ideal scebario as you can now renovate and put in a good tenant at market rate. inherited tenants are usually paying below market and not screened to your standards

Also, you usually need to be a licensed real estate agent to manage property. 

I have dealt with (usually older folks) yelling at me and basically lecturing me to the point I literally could not get one word in.

Now, I'm personally a fan of putting all my usual expenses on a cash back credit card and paying it off every month. 

Usually 3 flips in the last couple years.

They can usually point you in the right direction. 

Thank you to all for the responses, This leads to an additional question of mine for @Edward B. and @Chris Seveney:How is the escrow handled with notes and to what extent am I going to have my money "locked up" in escrow and for how long usually.

We usually have to do one or two a loan.IMO they seem like cya for a distant underwriter.We make them short and sweet.

Comparing the NY & FL markets you also have other elements like heating and snow removal which usually fall on the landlord. 

Then I usually tell them I will be in contact even if I know I'm going to offer on it.