You have already collected a deposit from the new tenant and now what do you do?

Her loan officer then changed it to an FHA loan and we signed a 30 day extension.

Take your gross revenue (the amount of rent and other fees you collect) and deduct all operating expenses (utilities, property tax, janitorial, lawn care, property management, etc).  

I would send notice rescinding both the offer to discount the price(Could be interpreted as an option ) and the 3 month extension of the lease(It is not valid until signed by the tenant and delivered back to you).

It's a law that needs to be looked at in FL because the Hoa lawyers and collection companies will inflate your back dues and add random fees and assessments to your payoff.  

Dang  11 hour flight at $1,100 to collect $700 rent. 

If its your collection of model train sets, you work around it.  

I have had no more problems with students as tenants than others, actually lately collections seems stronger with students.  

Ive had my eye out on a few,havent made any calls yet,im really focusing on knowing what im talking about as far as the extensive terms involved with this bussines.

They can't do anything you can't do on your own (consolidate debts, negotiate settlements with items in collections, try to get interest rates down).