@Gregory Allen Carter if you are new and without a successful track record you are going to need to bring value to the table no matter what otherwise why would someone work with you.

-Have sent several notices (via email/USPS with tracking) to tenant regarding late fees, which tenant continues to ignore and never responds.

How do I record it in QuickBooks and track payments and interest?  

Everyone wants to hit a home run when it comes to multifamily, but it's easy to fail as a property can easily go "off the tracks" when you lack experience or the funds to keep deferred maintenance issues from building up.Find a property that works for you both in terms of financially and physically and remember that this is your first big multifamily purchase, not your last.

Also most HMLs want you to have at least some skin in the game unless you already have a track record in which case they may loosen their standards a bit.

In Philadelphia we have both of those and are renewed every year.This brings me to my next point, which is track EVERYTHING.

I only invest in either private pre-sales of pre-development properties at a substantial discount compared to their market value and launch price and rom a developer who I personally know, has a great track record and give me cheap developer financing by Mexican standards.

Sara, you are on the right track. 

     I write the following paragraphs under the assumption that the bad credit investor has some track record wholesaling and/or flipping.

However, I've felt like i have to start saving for a long time before i get into my first deal because i don't have a track record in investing.