The instructions are meant for a textbook situation when you place the property in service the same year you purchased it.Longer and more accurate answer: you may want to pro-rate insurance.

I’m not sure what your living situation is, for me it was just my wife and I, so we put a lock on our bedroom and we were off to the races.

So I agree that wouldn't be helpful to get in a situation like that.

Every renter has to start somewhere, and most people will have something on their history or situation that isn't ideal, but that's part of the game.The felony is the only "real" issue I see, however I've had dozens of houses with dogs (of all sizes and breeds), and very often those backyards got thrashed. 

Would the rental rate situation make this too risky?

There are programs available for your situation, but not all lenders offer those programs. 

I believe to answer this question accurately we would need to know more about your personal situation, and strategy.

When I inherited my property i was not in a financial position where I could responsibilities afford to own the property and because I was lost in grief I wasn’t capable at the time to put the energy into learning and working to improve my situation.

My HELOC rate is prime-0.14% i.e. 4.36%How would you invest if you are in my situation? 

In your situation...