Additionally, looking at the expenses you budgeted for, you left off CapX, which is typically something that you want to set at about 10% of monthly rent (depending on the age/condition of the property).

I'm just giving you my perspective that you do have additional $120k or so of equity that you can pull out immediately and invest. 

@Steve A SpannSome thoughts:To get title insurance for tax sale properties, you often need to take additional steps.

It means you need to secure flood insurance which is in addition to wind/storm coverage in Florida.

The extra $150 or whatever amount it is that you get extra from using 30years vs 15 years can be used to invest and earn additional returns. 

If the sunroom is already appropriately permitted and a legal addition then converting the use in the property doesn't require permitting if you are simply repairing the distress. 

It's an additional point of negotiation.

I would be happy to connect and answer any additional questions you have.

In addition, a termite inspection and home inspection is a condition of the sale.

Unless you make enough money each month to float the entire mortgage in addition to your normal expenses, you should plan for vacancies by saving enough money to carry the mortgage by yourself for at least 3-6 months.- Balancing cash flow and low maintenance is really important for new investors.