Getting Rent Payments on Time

[Callie King]

This is my first post on Bigger Pockets - and thanks to all you other members because I have learned a ton reading through other posts!

I am just finishing up a rehab on my first investment property, and am getting ready to list it for rent. What is the best way to set up a lease to keep tenants paying on time? I have read that some landlords give a discount if paid by the first day of the month - what is your opinion on this?

And with late fees - how much and after how many days late does this fee kick in?

Are there other essentials besides the standard stuff that I need to have on the lease?

Thanks! Callie