If you are thinking it's the money...Note that the hard money lending industry has that covered. 

However with 2 units being rented I am able to almost cover my costs. 

Of course there are some good podcasts that cover real estate, finance and economics that you find helpful.  

Can I raise potential May rent now or should I just cover that on an eviction letter. 

In NC, the easiest way to accomplish what you are looking to accomplish is to have a long enough DD period to cover your ability to vet your concerns.

During this time, the markets have been pretty favorable and probably have covered up mistakes that would eliminate (or created negative) returns in a down or flat market.Really depends on the investor.

The borrower and the asset itself.Borrower:Your credit (are you a trustworthy borrower), are you capitalized enough to float this project/ cover the debt, track record (borrower/ contractors experience).Asset:Comps (as-is & ARV), LTV metrics (lender can help verify these if you have questions), detailed budget and scope of work, tentative schedule, exit strategy.Of course any lender/ partner will dive in a little deeper after the initial pitch but if you have all of the above ready for your initial conversation it will go a long way in getting deals approved/ partners on board.

This would be an owner occupied home which I would rent out the bottom floor for $1,750+, leaving me to cover the rest of the mortgage between $1,500 - $2,000.

In addition, if the tenants moved out, you will have to put up a hefty amount to cover your expenses while re-rent it. 

Essentially this would also put the $145k (more or less) in my pocket to re-invest and make money on elsewhere, while the rent would/should cover the monthly mortgage payment, property taxes and other (minor) maintenance.