You can get one from Harbor Freight that costs 1/20 of what the Fein costs and will be adequate for your needs.

Insure adequately.

I would get a professional you're comfortable with (at their expense) to alleviate your concerns about potential fire hazards, make sure they have adequate tenting and dehumidifiers to prevent mold growth, raise the rent and move on.The majority of the country no longer shares your antiquated views onot cannabis. 

I cannot recall ever having conducted any inspection for mold (though I assume the house checked out adequately when I purchased it around 2002). 

The problem with these bare bones leases is that they rarely have the provision you need to adequately protect yourself when certain things happen, such as needing to ask for attorneys fees for collections efforts, if your tenant claims that you made some oral modifications, etc.

But I generally keep at least 2x my total monthly expenses in my operating fund to make sure I have adequate funds for unexpected events (had to dig up a yard this week to repair a water line - on a newer home!). 

Transitional housing that only pays for 3-6 months is not adequate in most cases. 

The neighbor who lives next to my rental home has threatened to sue me because he alleges my tenant has not responded adequately to his requests that she quiet or remove her barking dog.

My system is not for everyone but if you have adequate cash reserves it works pretty nicely.

If you can get a late fee on the 4th and beyond, that seems adequate.