My question is I do not accept partial payments and I charge late fees if not paid in full by the 5th.  

I am reserving the master bedroom for another person who is considering renting that full time (and happens to be a tutor so that might work into a helpful situation for them both), and I would stuff myself into the last bedroom and share the hall bath with the part time tenant.Additionally something to consider is that I will be doing work on the house over this year including the kitchen, the new 3rd bedroom, and the hall bathroom.  

The property is a 2 bedroom, 2 full bath with a 2 car almost enclosed carport.  

I just started flipping houses full time and I have a opportunity on a possible 30 lot residential development parcel in Olympia Washington.

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The Bigger Pockets book store if full of great books: https://www.biggerpockets.com/store

I know i could have it rented in time but that wouldnt create enough funding for full payback, as far as i know most hard money lenders like very short term loans.

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The strategy discussed was to fix up the unit and rent it out to a tenant (with full disclosure that the home would be foreclosed on) at a fair market price.  

Any OM that you get from a professional broker is going to be full of misinformation.