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.

First, is there a Redemption Period in your state?  

I look at the amount of loan principal paid down in an annual period as a percentage of my cash invested at purchase.

We'll be losing rental income for that time period and some very good tenants.

However some states have redemption periods for tax deeds.

how many times during that time period has the house flooded?