I am pretty confident I can fill the vacancy immediately, and probably charge a higher rent as well.

It is a slower way to get started, but 7 years later I am doing well.

Establish a solid reserve fund (3-6 months of rent) to cover unexpected expenses or vacancies, which are inevitable over time.Make sure you're well-versed in local landlord-tenant laws to avoid legal complications.

Wholesaling skills translate well with both buy and hold/fix and flips. 

Also having that capital in your account opens up opportunities like foreclosure auctions and tax sales as well. 

I plan to house hack, so I assume I could move to a traditional loan at 5% down at that point.

There are also separate plumbing inspection plans available.

Demand payment within 30 days or threaten to send them to collections, take them to court, or whatever you plan to do.If they don't pay, move forward with court, collections, etc.Taking someone to court may get you a judgment, but that doesn't put money in your pocket.

If you plan on building a brand or having more rentals, than 100% but if only planning this one it isn't fully necessary. 

Then a reverse exchange would work well for you.