An important point is that if you didn't do the renovation or weren't on site checking frequently as the property was renovated, you never know how good the repairs done were by the seller or previous owners (this requires a good bit of construction knowledge).  

Is the year long lease void completely or is it only void for the time the water is out? 

Currently I have inherited tenants, but I am planning for lease turn over.

However, both associations have a 30-day minimum for all lease agreements.Unfortunately, the bad news is that there really aren't any other buildings that I know of where the association allows short-term leases.

that we’ve learned in our 24 years, managing almost 700 doors across the Metro Detroit area, including almost 100 S8 leases.

I bought it with the intention of leasing it and changed my mind.

I'm currently 23 and have access to around 40k liquid to buy a home when my lease is up in March of 2025.

There's a price/rent lag because leases are typically for a year so there's the delayed effect of old leases playing out before upward pressure on rents does it's thing.With that said, there's also your ability to refinance out of that rate and improve the rentability of it that way.

I want to see what the rental rate would be for a NNN lease based on the CAP rate.

These should be spelled out in their lease and or local and state laws.