She had some late fees accruing and didn't pay October 10th rent, and let me know Oct 12 by text that she was breaking the lease but wanted to stay tilll the end of Oct.

She had some late fees accruing and didn't pay October 10th rent, and let me know Oct 12 by text that she was breaking the lease but wanted to stay tilll the end of Oct.

Most investors I've spoken to have advised to accrue 10% of gross rents for maintenance expense (and 5% for CapEx).

I have heard some say that you should pay off your primary residence first, and enjoy the tax benefits on the interest accrued from your rental property mortgages.

If they are late, fees accrue from the 2nd day of the month -the day it was late. 

If you do relet you can charge the tenant the lost rent plus "other charges accrued through the end of the month in which the landlord retakes possession of the dwelling unit and charges for damages to the dwelling unit."

@ Nicole- Not sure about NY rules but most states have a 30 days to get your personal belongings and if they aren't retrieved then you can sell it, etc. for storage or whatever your accrued costs are for clean up, damages or anything needed from what was left behind.

After accruing some capital, I would like to buy my first property by next July.

The reduced payment plans I have seen are just fractions of the amortized payment and sometimes less than the accrued interest. 

Monies were put down on the option by the buyer, buyer has been showed the amount of credit they accrue every month if they choose to buy the property, and buyer has been able to write off interest and tax credit on income taxes4.