Then buy supplies, make arrangements for your repairmen to start repairs as soon as their gone, and get your craigslist ad ready to post.  

My current business partner is in a similar arrangement right now, its called house hacking.  

I currently manage PPC for investors around the country, but I'm starting my first client on a pay-per-lead arrangement.

If you'd like to arrange a call I'd be happy to schedule one with you.  

This arrangement is better for you.

This is my first time entertaining such arrangement so would love to hear your thoughts or what is considered a ‘fair’ percentage for this particular scenario. 

I have already made arrangements for that April timeframe and this delay would incur additional costs.What rights do I have in this situation?

The floorplan was arranged in a way that some non-load bearing walls could easily be removed, some new walls framed, and with about $40k, the house would be transformed from an un-appealing 2/1 that would lose $300/mo as a rental into a very appealing 4/2 that would cashflow about $500/mo (incl. the debt service for the rehab)...

Are there any verbal agreements or arrangements between the current Landlord and Tenant?

And in most cases your properties under traditional arrangement would be just fine.