Late fee is considered reasonable if it is not more than 12% of the rent for the rental period under the lease for a dwelling located in a structure that contains not more than four dwelling units or 10% of the amount of rent for the rental period under the lease for a dwelling located in a structure that contains more than four dwelling units or the late fee is more than the applicable amount but not more than uncertain damages to the landlord related to the late payment of rent, including direct or indirect expenses, direct or indirect costs, or overhead associated with the collection of late payment.A late fee may include an initial fee and a daily fee for each day any portion of the tenant's rent continues to remain unpaid, and the combined fees are considered a single late fee.

Quote from @MarieChele Porter: I highly recommend you join the California Apartment Association.

Hey Sejin, I’m a local broker and airbnb investor (100+ properties managed)There are numerous benefits to selling with a realtor, the average sale price is close to 15% higher than FSBO, and a good broker will help with the sensitive disclosures and paperwork associated with transacting a property. 

There is an HOA for the association for a total of 10 units.

We recommend purchasing the most updated lease agreements from https://eforms.com/rental/ or looking on your local realtor's or lawyer bar association's website for these forms.

I do pay for a Biggerpockets Pro membership and that’s my only expense associated with any of this.

There was so much learning associated with that first deal, and I'm thankful I lived nearby.

I have a device that has 2 parts, one that plugs in at the outlet and the other part is used at the circuit panel to identify the circuit so circuit associated with outlet should be easy with only a single person.It has not worked significantly more than it has worked.  

Basically a 3 page excel spreadsheet that outlines the property details, as well as costs associated with purchasing and making ready for tenants, including adding bedrooms if at all possible, which is of course is Homeroom's specialty.

I've included an example below to help illustrate this.So different lenders have different rates (which do vary even for DSCR loans) but these are factors they all consider.See example below:DSCR < 1Principal + Interest = $1,700Taxes = $350, Insurance = $100, Association Dues = $50Total PITIA = $2200Rent = $2000DSCR = Rent/PITIA = 2000/2200 = 0.91Since the DSCR is 0.91, we know the expenses are greater than the income of the property.DSCR >1Principal + Interest = $1,500Taxes = $250, Insurance = $100, Association Dues = $25Total PITIA = $1875 Rent = $2300DSCR = Rent/PITIA = 2300/1875 = 1.23If a purchase, you also generally need reserves / savings to show you have 3-6 month payments of PITIA (principal / interest (mortgage payment), property taxes and insurance and HOA (if applicable).