That said, for all reservations we collect payments on (this includes VRBO since we have an integrated account through our PMS) our charging schedule mirrors the reservation cancellation policy. 

We make over double the fair market rent. with zero collection issues and turn overs that are simply hire the made to go clean..

Also, focus on 2 years of job/income stability.Class D Properties:Cashflow vs Appreciation: Typically, all cashflow with little, maybe even negative, relative rent & value appreciationVacancy Est: 20%+ should be used to cover nonpayment, evictions & damages.Tenant Pool: majority will have FICO scores under 560 (almost 30% probability of default), little to no good tradelines, lots of collections & chargeoffs, recent evictions.

Say goodbye to having to collect cash or checks for rent from your tenants.

My Professor has an extensive RE portfolio.

Managing tenants, collecting rent, and handling repairs can be time-consuming, so factor in property management fees if you hire someone.6.

Also, focus on 2 years of job/income stability.Class D Properties:Cashflow vs Appreciation: Typically, all cashflow with little, maybe even negative, relative rent & value appreciationVacancy Est: 20%+ should be used to cover nonpayment, evictions & damages.Tenant Pool: majority will have FICO scores under 560 (almost 30% probability of default), little to no good tradelines, lots of collections & chargeoffs, recent evictions.

What a good app to keep track of leases with tenants and collected rent money each month and automatically apply late fees if they don't pay on time?  

One to hold all the security deposits and the other for collecting rent and paying your bills.

Most users may not visit a 3rd party site, and you could collect some answers by asking for genuine feedback here on the forums.