If you don't have access to ready cash, then I would definitely have reserves to cover you when things get tight.  

It is not in the best (Or Worst) neighborhood so I know it wouldn't attract the best tenants but if I screen properly I think I would find good enough tenants to take care of the property and pay rent on time. 

@Colin Perry If your purchase price covers the 1st lien and 2nd lien ( IRS lien ) they would be paid in full.

BTW, as long as the lease payments cover your existing PITI, many lenders will take a high percentage of the rent towards you income, and it might 'ding' your debt to income ratio a bit, but probably not prohibit your going for another property/loan.  

Another food for thought is that if you do your own work and something goes wrong, your insurance might not cover it.

Use the 30 days to screen a new PM.

Buy another property I have an eye on in my target neighborhood for 90k with 20k rehab. it cashflows well and I would use the sale proceeds to cover the property, then refinance after rehab and pull out money again for BRRR. property would build about 35-40k in more equity following rehab in addition to the good cashflow.option c: 1031 into multifamily or larger property find a 600k property, put 150k into property as 25% down, mortgage the rest.

Be careful to screen for DNC numbers.

Really the only way they don't pay rent is if they don't have money in their account, which is something your screening process should take care of! 

HOA fees cover for those.