If they don't know a lot of this off hand, its easy enough to find out during an inspection period. 

I had the home inspection done yesterday during the option period.

Would love periodic updates! 

My suggestion is to work in both fields for a period of time and see what one appeals to you more. 

Factor in PP, DD, EMD, PP period, contingencies, etc. - sellers & listing agents look at the overall package, not just DD.

The current leases are written in such a way that they lock rent price in for a year period, however there is a termination clause of 45 days to non-renew the lease.

@Andre Houston ok so depending on your timeline, assuming you can't create more qualifying income in a short period of time, you might want to talk to your CPA about how to structure your taxes next year.

But then again a partial BRRRR is still better than a no BRRRR, but you also have downsides, from lower cash flow to an increased holding period where you will be fronting the holding costs and the renovation costs. 

There has to be a stabilization period...meaning your up front costs will be quite high...if you are not entering this deal with a stabilization plan, you'll be sunk within the year, wondering how your deal went south...What has your agent and property manager advised on this deal?

She has a five day grace period from the 1st to the 5th.