If you are operating a business you would raise the rent to market.

I am in the process of writing my operating agreement for my LLC in Florida and am naming myself the “Principal” rather than CEO or President. 

It's a proven concept that evicting as soon as rent is not paid will result in an overall higher ROI for a landlord then one who "works things out" This is why all large scale rental businesses operate this way. 

It will probably be a deal again at some point and great for the right operator.  

Not saying to let that influence you, but If I was a betting man that’s what I’d guess.

I'm not sure about construction loans, but the local banks will be your best bet.

If they have gusset plates then I would bet they should be replaced if they have signs of high heat damage. 

@Joe Miller _ I mean get a checking account (operating) + savings (for tenant's deposits).

I'd use at least 8-12 months to budget for your schedule before you can even break ground.In terms of financing, I don't see how you can make it work with hard money, so your best bet is to find a partner, especially someone who has done this type of work since banks want to see a track record with experience. 

I imagine the vacancy rate is reasonable, but the very small town was a concern (and still is) and it wasn't going to be very efficient for my team to operate there so I did not pursue that deal from 2 years ago.