I would definitely remove the old tile, most likely replace the concrete board behind it, REDGUARD IT with two coats, then re-tile using 24x12 or 18x18 inch porcelain tiles with 1/16 inch grout lines.

It was a 3 bedroom, 1.5 bath, 2300 sqft on 1.7 acres but it had closed off walls, carpet in the kitchen and bathroom, garage that had been converted to storage closets for the old hoarders that lived there and the list of quirky stuff goes on and on.After closing I was going thru paperwork and found that the previous people took out a $70k HELOC 5 yrs prior and put on a new roof/gutters, siding, water heater, furnace, new concrete driveway, extra insulation in the attic, and some foundation repairs. 

Use 1/2" concrete backer board on the walls.

While your CPA may be able to help you take advantage of many tax deductions, the tax code is massive and constantly changing thus your CPA alone may not be able to help you find all of your available deductions.

This will not only give you concrete data as to where each penny of your $$ is going, but will help you identify opportunity areas to improve.

Often times resulting in bigger headaches like bad jobs, massive delays, do-overs, and even losing money on the flip.

On the CRE side, cap rates are/were in the 3s and 4s in many markets; so, these high rates are going to have a massive impact on transaction volume and pricing. 

On the positive side, all of the interior walls are concrete block which limits peripheral damage when shooting occur inside the buildings or tenants set their units on fire. 

Some sponsors do a great job of briefly/succinctly laying out various assumptions in the summary.To elaborate slightly on just one of them: on the rent bump, some pro-formas have a massive rent bump in year one that can sometimes seem camouflaged in the totals so you have to manually calculate what % deltas they are really projecting.

Replacing window a/c and baseboard heaters with mini splits can be a massive improvement in the comfort and general appeal of a rental.