The taxes and insurance sound like where we are in St Augustine and NY. 

I did not start buying investments for another few years as I concentrated on building my sales funnel and getting those two years of tax returns done. 

Personal Financial Statement Borrower’s Schedule of Real Estate – or- Resume illustrating experience2-3yrs Personal & Property Tax Returns – All schedulesPrevious Year and YTD Property Profit & Loss statement w/ detailed expensesRent Roll w/ detailed lease informationCopies of all Leases3mo.

Ensure you collect a proper security deposit (typically one month's rent in Florida) to cover potential damages.Your plan to increase rent next year makes sense given rising costs (taxes, insurance, and maintenance).

IF you need 100% financing and lets say its $200k deal, the lender will be interest only at $150k at 12% = 1500/mo + taxes. insurance etc.

Do you have an idea of the total tax credits?

If the permanent financing will allow you to recover most of your initial investment and the fair market rent covers the principal, interest taxes, and insurance with cash left over, you have a BRRRR.

Usually the numbers don't work to build in these neighborhoods, unless government tax credits, etc.Do you see the problem with your two statements:"The turnover costs could/will be high"and"How much more damage could they do?"

That will show what proposed tax increase you will see.

For tax purposes, rental income is generally recognized in the year you receive it, not when it is paid.