You really need to do the proper research (I hired a consultant specializing in the process and applying for the money) to ensure you are not in violation of any historic requirements as well as not leaving money on the table.

Seller shall ensure all utility services are turned on as required to inspect all improvements thereon.2.

That level of discipline will ensure your success regardless of what you decide to embark on.

Consider waiving the old fees and as others have said adopt a much higher fixed fee going forward to function as a strong deterrent, ensure the PM company enforces this and communicates it clearly to the tenant.Consider changing payment terms to weekly, bi-weekly etc to better match their cashflow, if you think it is beneficial to keep them and they are consistently late by the same intervalConsider your goals, landlords are in it to make money, but do not have to stomp out every puppy they see either, if someone is terminally ill or something, this is exactly how you ruin your brand/reputation.If the property still has positive cashflow and the cost of turnover is high, you should probably at least try to exercise the flexibility you have as an investor to keep tenants going through dire straits a chance to get steady again.

By all means, hire security to ensure the property isn't broken into while renovating.

To put some icing on the cake, feel free to add in some additional detail at the end on how you filled out the form just to ensure you and the lender are on the same page.

I think it's a smart move on the tenants behalf to ensure he/she has a place to live for the term of the lease.

I have also used sites like zillow, turlia, redfin, craigslist to find multi family properties.FHA will have to inspect the property either way to ensure it meet their regulations.

You are also ensuring that your turnaround will be that little bit longer as you are fixing lots and lots of little things that the tenant overlooked because the $150 repair charge in your lease.Also, the last thing you want is for a tenant to be fixing some of this stuff himself.

You need to ensure the mineral wool batts do not fall out of place (which would render holes in your firewall assembly).