This would give an effective APR of about 9.5%.

How long does it generally take you to select? 

I much prefer selecting the most qualified candidate, not necessarily the most speedy.In your situation, I would apprise both prospective tenants that you have received several calls of interest and have arranged to show the property through the weekend.

I was watching Eddie Speed video and he said something to the effect that he used $100 to open up a ROTH IRA and used that account to buy a $70,000 note.

Do you have any advice around how to most effectively collect rent on late tenants?

I'm trying to get and idea of how this situation will effect my tax bill for 2015.I purchased and renovated a house in fall of 2015 with cash from a heloc on another property.

BP here's some terms to consider for your business model: competition avoiding, selects for hardy customers who stick it out, tolerant for varying quality in the finished house.  

Hi there,Welcome to BP, this is a great website and resource for all types of real estate investing.I suggest you do a lot of research here, do not spend a lot of money with coaches, it would be much better to put that money to work and learn from experience.Additionally, there are many real estate clubs out there, visit them, select your favorites and meet other investors working your area.

When I've bought houses in the past, I selected and paid an inspector and received the report.  

The terms of the agreement state it is transferable if the new buyer signs an acknowledgement of the terms (or something to that effect).