The tank is only designed to hold solids and then the excess liquid is continually being cycled through and out of the tank as you add more water.

Therefore, I'll give you my thoughts which, of course, are based on my beliefs.Given the price point you're talking about plus your cash savings plus your excess monthly cash flow, I would consider investing now versus waiting. 

Lastly, depending upon the reason the tenant in leaving I may even just cut them loose.

And returning her deposit at this point would be cheaperAlways best to gauge if you are really going to loose money.

We anticipate covering the mortgage and taxes and coming out even or with no more than $200 per month in excess earned.

The combined rent was about $1k or more and it looked sooo sexy...Then, after several months I came to realize [the hard way] that they were a maintenance nightmare [because they are all about 75 years old] and I had high vacancy and/or non paying tenants in addition to the vandals taking their fair share of copper and other materials.I ended up learning [and loosing] a lot during this process.  

I suppose a more pointed question is whether or not it is possible to attain this goal by purchasing a run-of-the-mill turnkey property at retail, every year for 10 years, in a stable market like Indy and applying all excess cash flow to principal reduction.  

(I estimated rehab at 35K, but then decided to build an extra bath that cost me additional 15K) Thus, do what your originally planned, otherwise you will loose $.Mistake #3: Paying too much for the property.

Well all this started to work loose and leak a little.So along comes the plumber.

It is important for an investor to understand all those details so they can manage it and not loose their shirt.