The proposal could reduce stress for landlords, ensure smoother transitions, and improve communication with tenants.Additionally, the proposal includes a 5-day grace period before late fees can be imposed.

I own a couple of rentals and also manage properties for other investors, so I understand how frustrating this can be.Although easier said than done, we start the eviction process as early as possible when rent is late.

Hey @Tony Pham - I am a little late to the party, but wanted to make sure I still welcomed you to BiggerPockets and the Chicago real estate community.  

I feel like I can write a book about it, but will try to keep it as simple as possible.Little Intro of myself: Late 30’s, Full time W2 Lawyer in NYC.

Yeah the 1brs have done crazy good lately. 

I've done these deals and we have been able to renegotiate price and terms late in the deal, all while my client's EMD is fully protected either based on an inspection period or based on lack of disclosure. 

Having worked for a billion dollar syndication company in the late 80s who had to go through this in Northern CA. 

You have to raise rents, because your expenses go up with inflation (have you paid for a roof lately?)

@Pasquale ZingarellaBetter late than never!

@John Arpad Lok sorry for the late reply!