I can't never get the mud job done right and the dust is too much for me. 

After rehab, expected rental profit after expenses (not including holding or maintenance cost) would be $600/month.I am new to real estate investment and while the cash flow would be good, it is prohibitively far and an undesirable neighborhood. 

The sheetrock guy made a total mess of the place he didn't cover anything and got mud all over and costed an additional 400 to clean his mess up. 

Hopefully you will find a good tenant at your asking price, it's certainly possible as it's a nice house and demand is very high in the whole metro area, even spilling over into previously undesirable areas, however I think you're a bit overpriced for that immediate area at this time.

So now I'm waiting to hear from the second lender's underwriter about the loan type and the original lender is still being a stick in the mud about not floating their rate.

I just spoke with them to get more details and this is as clear as mud.

The rehab consisted of ripping out the old carpet and refurbishing the original hardwood floor, put in new window sills, removed old paneling in 2 rooms, sheet rocked, mud, and painted almost the entire interior of the house.

Texas Tax Deed:  Taxing authorities (county, school, mud/pud, etc.) file suit against owner and property for unpaid taxes. 

i've been looking in different areas around miami but either it's too expensive or the property is just in a pretty undesirable neighborhood OR it's in real bad condition.

They become run down quickly because the people living there either do not have the money to spend to fix them up or spend that money on other things (whatever those things may be).You propose to build a substandard size less desirable structure than the surrounding area, which seems to indicate  (based on other similar price points) that it will quickly become one of the most undesirable places to live in that area due to High Violent Crime.