.- Rent is due on the first- If rent is not in my hands by midnight on the 4th, I charge a late fee of 5% of the rent.

If you do not think the tenant has cash on hand to cover the judgment, you are likely better off turning it over to a collections agency. 

But you have to play the hand your dealt in areas you live and work in..

Quote from @Ryan Irwin: @Dan H. and @James Wilcox I agree with you both.  

You will always compete with locals, but with one hand tied to your back.Agree with @Eric Fernwood's post- which BTW he always puts that much thought and work into his posts!

There is no way that I would allow one of my properties to be tied up in contract by someone that cannot show me the money that they are going to close with.On the other hand, if you can find that class B with a real 10 cap, you could sell that in an instant.

I have a great network here in Utah for almost every aspect of the transaction and I am always happy to represent anyone as an agent, with hands on experience with investing, I currently own three properties and am finishing my first flip.

You may also have to get your "hands dirty" in order to make these properties look nice or up to your standards. 

Since I don’t have many assets or a lot of cash on hand, I’ll need to be creative and strategic. 

On the other hand, you could decide to keep it as an income property.