If she doesn't pay the final month, then start accruing late fees as outlined in your lease and take the next steps for removing the tenant. 

That may be accurate purely from a recent cash outflow perspective, but additionally you need to accrue an estimate for the lumpy vacancy, repair and capex expenses that are inevitable in the long run.  

You would have to get a bank account that accrue interest for the tenant.

There is no variations or rate risk since it’s “fixed,” however the downside is on day 1 when you get that 30% LTV loan you’ll be accruing interest.So at the end of the day familiarize your self with both payments from hypthetical scenarios with that HELOC at different rates 7-12% just in case that eventuality comes to pass or go the fixed route for peace of mind but know the pros and cons of each.Good Luck on your game plan.

It depends what the contracts says but the rent is accrued but not collected.

I've managed to accrue 5 units since then (2 SFH, 1 Condo and a Duplex).

This would include accruing approx 15% from gross rents for Capital expenditures and repairs/vacancies.

The six month timer is from the day you close on the purchase, and it's closing-to-closing... so we start them at the 4 or 4.5 month mark if the rehab work is done by that point, especially if the investor is in hard money that accrues interest at that horrid rate each and every day.

If pre-payments are allowed, we will calculate/accrue the interest monthly to account for the changes in principal over a 1-year term.

Yes, interest accrues for as long as the cert is active and not redeemed