You have three choices...transfer the property and keep the loan in tact hoping they won't trigger due on sale, refinance into a loan that allows it, or simply leave things as they are. 

@Hai Le - Usually you have to provide written notice / 30 day notice if you decide to not renew their lease or even just asking a tenant to leave.

For me, if a place has the mortgage paid off, I leave it...but that is me. 

Hard money is usually "take it or leave it".

By no means am I suggesting the funds should not be held correctly but there are other areas a landlord should focus their attention if they are concerned about tenant related liability. 

My only concern is searching for the rent to value "1% rule". 

As soon as the year membership is up, I'm leaving.

Insurance cost for weather-related disasters is growing to a major concern in many of the southern markets.

There North Carolina purchase leaves me scratching my head. 

This could push your rent up to $7,500 or even $8,000, which would make your cash flow positive.In summary, the refinance could give you a good return in the long run, but the negative cash flow in the first few years is a concern.