Quote from @Jack Krusinski: When my rental properties are in a situation like this, I make an effort to create a structured and aggressive payment plan to help tenants catch up.

However, if they are still considered a short-term guest under lodging rules, you may have more flexibility, though the specifics can depend on local regulations in Seattle.Since this can become a legal gray area, I recommend documenting all agreements, payments, and communication with the guest.

The only payment that gets delayed if the property isn't delivered on time is the last payment due on delivery, unless stated otherwise in your contract.

Even if they stopped reporting your payments the history would be there. 

Is it a small enough amount of money and do you trust them enough that you could pay a month in advance by mail?

This would lower your down payment requirements, lower your interest rate, lower your property taxes, and MAY make you exempt from state income tax.

Because if you make good money and always have a source of funds for emergencies then you can use the money immediately if you have enough for a down payment on another property or put it in a high yield savings account or treasuries for a low risk return with good liquidity.

You need larger down payment: 15 to 25 percent down, depending on your profile and property type.

Brickell has that same kind of potential, but with even higher rent ceilings thanks to its location.A couple of things to keep in mind as you dive in:Financing: As a first-time buyer, you might qualify for low down payment programs.

If it's in your name you can look into the potential for a HELOC or potentially refinance to pull out some of the equity you've created, but you'll need to do the math to see if you're payments will increase based on the new loan terms.