I found a good article by Daniel Slovoky (Chewy) on floating. It is summed up and paraphrased below but the original article is here: Floating
Many regs have the same big leak: they fire too many c-bets and give up too often when called. That's a huge opening for smart players who call those flop c-bets with the intention of taking the pot away when they check the turn.
The best candidate for a flop float is a player that habitually c-bets too often but doesn't fire nearly enough second barrels.
If you're playing with a HUD (heads-up display), the stats you want to focus on obviously are "flop c-bet" and "turn c-bet." If the flop percentage is super high and the turn percentage is super low, you've found a potential victim.
Any time you're bluffing in Hold'em, some equity is better than no equity. Plan A is to make your opponent fold, but with equity you have a Plan B. You can hit your hand and still win. It doesn't even have to be much equity. But some equity is always better than none at all.
So when you plan to float, make sure you have at least some equity. An overcard(s), a gutshot … hell, it can even be a backdoor flush draw. You just want something to fall back on in case he does fire that second barrel or he decides to check-call that turn bet. You want to have at least some outs.
If you have no equity at all but still really want to float, don't. Next orbit that player is still going to be on your right and he's still going to be mindlessly continuation-betting.
Just wait until you have some equity. You rarely should be pure floating.
Keep your goal in mind when you call the flop. The bulk of the money you make is going to come from when he check-folds the turn. The rest is gravy, which is why you choose a hand with some equity. Don't be as bad as those mindless c-bettors and don't just fold every time you miss the flop. Look for opponents with high c-bet frequencies and low second-barrel frequencies and call. These opponents are going to give up an awful lot on the turn. And when they do, it's free money.