I used a hard money lender that would finance 100% of the purchase and rehab so as to not eat up bit a couple grand of that 43k. 

If you don't fall within that category you either get caught up dealing with the BS minutia of the business or are reliant on outside PM's that eat away any margin because there is significantly more time that goes into operating Section 8 rentals and don't let the "guaranteed rent" make you think otherwise.  

And lower income means food eats up a higher percentage of income, so rent has to be a lower lower piece.But even beyond that, when you are in very low income areas, even trying to push a $20 rent bump is disproportionately high and will cause a tenant to move. 

For example:- "1 time $129 non-refundable set up fee paid at lease signing"- "non-refundable pet fee of $200-500 per animal applies to all pets & must be paid prior to or when you pay your first month rent"- "$30/month required resident benefit package" Just my two cents.

The firm's fee will probably eat 1/4 to 1/3 of your savings.

They do not always.....sometimes people have to eat some of the cleaning fees to avoid turning off guests. 

If that means a second job or eating noodles every night, so be it. 

That means not traveling unless necessary, less going out to eat/drinking and avoiding unnecessary expenses of all types till your HELOC and CC debt is close to nothing.

I would agree that the best way to manage this situation is to forgive any late fee incurred and eat the NSF fee as well this one time.  

It’s all about finding a balance that works for everyone involved.Regarding closing with short-term private money, it’s an option, but you’d want to weigh the costs and ensure that it doesn’t eat into your profits too much.