Most hard money lenders I know are charging 2 points, and 10% interest.

FHA has lot more condition requirements than conventional... and it could be tough sell to talk an owner/landlord into accepting it.

Only problem is now I can’t use FHA to purchase this property, I have about half of what I would need for a conventional down payment of 20-25%.

FHA, conventional, VA, commercial?  

If market research indicates a particular area is losing jobs faster than the national average, has a low population rate to begin with, and has a higher proportion of owners to renters, along with other indicators of potential issues, then I may be able to reasonably assume that it will be more difficult to find good tenants, more difficult to charge market rents, etc.

And without the potential sales pitch from the broker in charge.

My lender charged 14% interest only for one year with 5 points. 

So you can charge for any advertising or agent commissions if you use a agent. 

I would charge extra for the month to month but that is my area.

How long do you have to live in a house bought with an FHA loan before you can turn it into a rental, or do you need to refinance into a conventional loan before turning it into a rental?