Assuming you do not have rent control, raise the rent by $50/month, but rather than a late fee, offer a rent reduction - say $50.00 ;-) -  if rent is paid on, or before, the day it is due.We always start the clock ticking on the required Notices in our jurisdictions right away with the assumption we are headed towards eviction until the tenant pays.

@Avery Robertson Yes, you need to take into account you will be getting a lower interest rate and assumingly a lower down payment.

I'd say it's worth it to go on the upper end of that range for yourself, assuming your lender has told you that you do in fact qualify for up to $350k.If you want to rent it out later, it's best to stick to the lower end of that price range. 

FHA, since it's such a low down payment, is going to bring PMI into the equation and that plus a high mortgage payment are going to put a real cramp in your cash flow (you should assume it will be negative in the IE)

I just assumed I had done something wrong.

Assuming I get approval from the Hard Money guys I am happy with the terms.

I assume you are agent.....your broker or state realtor organization has these.

Been empty several years, slate roof leaking, heating ripped out, dropped ceiling a mess, assume actual ceiling also a mess. 

Debt first (assuming this is high interest or credit card debt) is the best first step as it is a high yield return on your money that is basically guaranteed after that you should decide how you would like to invest and learn to analyze properties, you also want to make sure you have financing in place before you start looking seriously just in case you want to put in an offer on something.

I'm assuming you'd be okay with living in the property for the first year or so?...