Tile and grout is  not waterproof, cement board was an improvement over green board as it doesn't rot like green board did, but it's water permeable, when the water gets through the tile and grout the tile doesn't rot off but the water gets into the framing and insulation behind it and allows mold to grow. 2016 we install water proof tile backers now like DensShield, which is even easier to install than CBU (cement board).

Also make sure you're putting some aside for CapEx, Vacancy, and Management, that can eat up to 30% of your monthly. https://www.biggerpockets.com/renewsblog/2013/02/22/buying-rental-property/https://www.biggerpockets.com/renewsblog/2014/06/14/how-to-calculate-cash-flow-rental/Here's some good blogs on making sure your calculation is up to snuff.

It's learning to say "no" to all the great things to do/see/eat here that takes some practice.  

Whether it's bringing your own lunch to work to save a few bucks from eating out or wearing those ripped jeans for just a little bit longer (hey, ripped jeans are in style now anyways!)

Love John's comments  but you must be strong and determined in order to succeedas young as you are you have all the opportunity in the world to succeed  but you must eat sleep play  drink dream  your goals . 

Florida homes are built on a slab so to install proper ac/heating you have to cut channels or venting channels in the concrete/floor you could come through the attic but that's not green and a professional would advise against it, is the ac your biggest desire to update?

From a wholesaler perspective, I'm a little green to this approach so I'm just curious what initial course of action would you take in order to move this property off his back.

If you left it like it is now it would probably be years and years before the rust would eat a hole in the roof anyway.

Problem is that there isn't enough meat on the bone for an investor or flipper because it means usually two closings and holding costs and all sorts of things that eat up that 75K real quick.

Eat-in kitchen PLUS formal dining area.