For example, can I just get a normal FHA loan and then in like a month or two, can I get the construction loan?

No one In my Family has boughten a house so I have no mentor to go to.No car payment , some credit card debt and regular bills is my liabilities.

HELCO will have higher interest rate compared to normal investment loan that you can get. 

I'm normally working around midnight till around 8:30 am.

. $425/mo is about on par with an expensive car payment & people with expensive cars by homes all the time, by contrast $2k/mo is generally a deal-breaker unless you make so much that you really don't need a mortgage to begin with. 

There is such thing as normal wear and tear and if you hold her security deposit longer than 30 days after walk through, you'll meet her in court and the judge will support the tenant.Just collect her last water/sewer if by the lease it's on her, and move on.Market is hot now - you'll find next tenant before this one vacated the house.Good luck!

Our grace period is normally until the 5th of the month so after that a $50 late fee hits. 

Does a cash out re-finance normally get you more funds than you can get from a HELOC?

Honestly, a big question I wanted to ask was what is the normal cash flow % for renting out vs the expenses and mortgage?

That is normally the issue for most of the investors I know!