For instance, find a property that other buyers don't want for reasons that don't prevent it from being a good HH--for instance, a property on a busy street, or a property that has a weird floorplan that turns other buyers off......cashflowing HH properties often have at least one very large, very appealing master suite (or space that can be easily turned into a master suite), that rents for substantially more than a typical BR--a standard bedroom in SLC might rent for 500-650, but a large master suite might rent for 800-950, so if the house has one or two of those, it can be a big advantage.  

They may offer functional space for tenants, but most are in need of substantial renovations.

Dwelling fire insurance, for a landlord, can be rather expensive in Florida, and a flood policy would increase that cost substantially

Also remember that every month that you keep the house you are paying a substantial amount of money in interest to the bank, so that is also an expense and needs to be taken into consideration. 

Fast food restaurants are going to very substantially depending on the term and strength of the lease.

It helps your position if you can substantiate that you have decided on this market and you full intend to buy there (and eventually do buy).It sounds like day one was bona fide business for you based on the limited information provided. 

The ideal circumstances are any that cause a seller to be willing to part with a property at a substantial discount.

This seller is willing to drop the price to get it sold and the longer it sits the more likely it will have a substantial drop in price.  

In both instances the leases with the tenants remained in place after the transaction closed.To the contrary, I wouldn't say that I paid substantially less for either property, but rather paid closer to the average rate for an investment property in the area.

We currently have an untapped HELOC against the house so have access to substantial equity w/o selling plus we have additional savings to fund a large down payment and rehab on the next investment property.