Make sure if you go into a contract (no option period), you require a substantial earnest money.

@Noah Schulz what does the lease state about payment and what period the payments cover?

There really isn't enough information here for someone to give you a proper answer.What you need to do is calculate those tax savings over the next 5-7 years (or however long you plan to stay in the house) vs. what the interest rate reduction will save you over that time period.

A Home Equity Loan is usually a chunk of money you get up front and start making P&I payments on right away for a set amortization period.

My timeline for turning over vacancies is strictly four weeks, which is the maximum acceptable period between a tenant moving out and the arrival of a suitable new tenant.

Thus allowing you to set automatic late fees in case the tenants doesn't pay before the end of grace period. 

I am under contract on a lake front house but still in the due diligence period - I just learned that it's designated flood zone A.

@Katie Balatbat is there a minimum time period before the TIC needs to be created? 

If you do go under contract, make sure you have ample DD period and that there are contingencies included so you can get your earnest money back. 

Keep in mind that there may be legit charges associated with termination- for instance, they may need to hold some funds in escrow to cover lingering utility bills or cleaning after that 30 day period.