Focus on operating the units, aka getting a good tenant in place who WILL pay rents.The eviction path (Unlawful Detainer action) takes about 90days in Calif and may need to get the Sheriff to come onsite. 

Colorado State will not punish it, but it is still illegal.

Rather than offer what sounds like a punishment of a late fee, have you considered offering to let the tenants pay rent on their payday?  

Even if they pay (Remember to accept rents with reservations), go to court the next month if they have not paid the debt in full time the court date, get a UD (Unlawful Detainer) but wave the judgement as you expect them to pay.

Here in San Francisco we post 3 day notices after the lease agreement grace period concludes, and if it doesn't cure we file an Unlawful Detainer and wait for MSC (Mandatory Settlement Conference).

Here is our position from our rental criteria:RESIDENCE/RENTAL HISTORY1.We will examine the most recent five years of residence history.2.Home ownership will be verified through the tax assessors office and/or credit report.3.Rental history will be verified through the property owner and/or rental agent. 4.Rental history reflecting any unpaid past due rent, damages or fees will result in denial.5.Rental history showing excessive property damage, excessive noise, or unruly behavior will result in denial.6.Three or more notices for failure to pay rent and/or to comply with the terms of the rental agreement, within a 12 month period, will result in denial.7.Eviction or unlawful detainer action which has been resolved with full restitution may be approved with additional security deposit.One eviction only.Multiple evictions will result in denial.8.Long term rental history or home ownership is favorable.Residence history that shows an excessive number of moves within the last five years will require additional security deposit.9.If residency was out of state within the last five years, an additional fee may be necessary to conduct an out of state background check.

Pulling weeds is not a punishment, pulling weeds is how we help flowers thrive. 4.

Unless you're into punishing yourself, then take yourself to court and then pay 1/12th of the settlement to yourself but good luck trying to get the other 11 owners to pay the judgement or lien.

Hi @Corey Schneider, You will probably need to use the unlawful detainer process to remove the occupants.  

Also, several million dollar investments are volatile and can easily be just as punishing as they can be rewarding.