That's not a profit producing activity for a Broker / Property Manager as 99% are tire kickers and the ones who will buy will buy without going on a date with you. 

My question is: Is this house better off being rented long term for tenants or should I gravitate toward a midterm rental for possible traveling nurses or traveling professionals who want a cleaner, more up to date space, closer to downtown?

It is also very dated last updated in the 1980s. 

Taste and style changes more frequently in these areas, so they feel dated faster.  

As an incentive for her to pay on time, can I charge her a late fee after 5 days from the due date and can I charge her for every day she's late?

Stay up to date on all licenses and permits that may be required. 

Of course, nobody wants to be the test case, but I've never heard of IRS treating money from a loan as income, ever.I think you would be better off with a long closing date on the purchase and sell your exchange property fast so you can do a conventional 1031, receive conventional financing with one set of start up fees/costs, etc.

Hi @Austin Tess One possible idea is moving up the closing date to the end of November.

Thank you for even considering helping a fellow investor!   

Quote from @Donald Hatter: Hello fellow Bigger Pockets investors!