Why you should manage a property and Not own the property

[Adrian Smude]

This is about 5 tenants who I have leased to anywhere from 6 months to 9 years. They have all known me as the owner. The long term tenants always paid, but it was always late by a few days, weeks, and even months at times. I've been slowly re-training them over the past months. Last month I gave them the news that I will be the manager that ownership has changed, and implemented a new set of guidelines in which to manage the property. July was the first month all of the tenants paid on time, and even some were early! I did not have to chase a single person for rent! 

This is the difference of being a hobby landlord and having a business of rental property.  

[Justin Fox]

Slap a notice to pay up or vacate the third day and they'll start paying or file eviction the 6th and eventually find someone who will.  Week late is unacceptable.  Burn the house down before I let someone stay a month rent-free with no consequences.