You can sign a new lease with your new tenants, but I would say you should honor the lease rate of your tenant still under lease… but definitely have them sign your lease because without it you have no agreement with them between you and them.  

In my area when you sell a property leased you HAVE to honor the lease.

Sure, but self immolation is not the badge of honor "typical" investors think it is.It's a lot better to understand how to buy cash flowing properties, that appreciate over time, that have tax write offs and are in decent neighborhoods.

@Dave Rav - I agree with the others that there is no really good way to estimate insurance costs, but I've found some consistency within a particular market/zip code if the rebuild costs and deductibles are the same.

S**t happens in life but you still honor your committments.

Draining in a bathtub is not code compliant.

St Pete, Gulfport and Pinellas Park - though they are neighboring are separate cities with differing zoning codes. 

Can obviously mitigate access to the property by disabling the code if using a smart lock, but other than that, are there any advantages/disadvantages that you've seen?

At worst, and I guarantee MOST fit this group, you get pitched because you just said code for "hi, I'm a paycheck, come and sell me".......If you have 0 focus or intelligent direction for your $$$$, do the smart thing, hire a professional who does and does this as a service. 

Because most bank financing requires personal guarantees, something strictly prohibited by the IRS in Internal Revenue Code Section 4975, therefore precluding you from using leverage.