Most Hard Money lenders will be able to go up to 24 months depending on how heavy the rehab is. 

The competition, the feeling when you win, the grind to be the best.

It's a 70s vintage deal, 400+ units, with a lot of nearby competition, so certainly there is some risk elevation from the asset/market, but that's the least of the problem here, in my opinion.If the numbers on CoStar are correct, the property was purchased at the very top of the market for $47M, with a $39.4M bridge loan (that would likely mature this year). 

I have been reading lately about high interest rates, high prices, low inventory, too much competition, no cash flow, etc.

Rates on DSCR are just as competitive if not better than conventional financing.Conventional loans are dying in the investment space

At this point, this tenant sounds like they're all bark with very little bite - I'd just keep documenting everything in writing (as it sounds like you've been doing) and sending everything to them via email as a backup as well, and only involve the lawyers if the need actually arises (e.g. if they file a rent escrow action; if you need to start eviction process for non-/partial payment; if you get them to agree to a mutual lease termination; etc).If you do end up going with the carpet replacement option, I would also recommend going one step further: in addition to replacing the carpet and the padding underneath, also take that opportunity to put down a coat or two of heavy duty Killz on the subfloor before the new carpet gets installed. 

I am looking for an investment property, and I just figure that I will find better deals if I look for them myself as the MLS seems to be incredibly competitive in my market.

Best there is at navigating the complex landscape out here and helping you make the right purchase to be competitive in the STR market. 

Things to consider are pretty simple, if you can find a property jump on it, there is extremely little inventory and it is highly competitive with the majority homes on the market selling over ask in very few DOM.

@Cameron Daste flipping is highly competitive, as a newbie your about as likely to lose money as make money.