I amy be a bit biased, but after working with investors form all over the globe, the one thing I have learned is that the venture is largely hinged on the front end of the transaction that  utilizing a reliable higher local provider with sophisticated operations and systems not just plans of how they will help you acquire, repair and pas you along to a magnet company.

. $250 a year is minimal but it would appear they are using fees and fines to punish investors or detour investor owners without formally passing a rental amendment.

Not great in general.At the end of this, I will write a more formal article outlining these profiles.

My conclusion is that they are the best way to do owner-financing if you are the seller, because you can simply evict the non-payer like a tenant, rather than judicial foreclosure.

the problem is my fellowship is in the form of stipend. they dont have formal paystub. the only thing i have is the bank have a record of my income each month.

I'm not sure if the tenants have formally put in a maintenance request that would require it to be fixed.

Certainly an OK place to start but judicially the judge can look to the intent of what was done improperly and still uphold the instrument is enforceable.I would pause there and look to the intent of the action.  

I am a formal mechanical engineer, turned real estate investor (i know!).

Alex,I find most RE investors that have entities hold property in LLCs as this provides the most flexibility at the lowest cost.Corporations and LLCs have almost the same "formality" requirements, so don't think that because you have an LLC you don't have to follow the formalities.

Resort style parks do not have tenants but 'guests' who are on month to month (or shorter) agreements and can be removed without a formal evictions.