If you have the 25% down but just 20k leftover it's gong to be much harder to get a loan.The bank wants to see liquidity, equity in other properties, recurring income from other sources (your job, other properties, etc.), or another principal added to the deal .

You may want to think about a tiered structure. 5% for check collecting. 7% for check collecting, and paying other recurring bills like landscaping, or any taxes or utilities the owner pays. 10% may be the "gold" level of service and may include yearly tax assessment evaluation and fighting with the assessor to bring down the assessment if needed.

Luke Hine -my largest recurring expense for my condo is HOA.

Build a recurring model together.

Recurring flooding at a property will make acquiring flood insurance more difficult and costly. 

Non-recurring property expenses may be added back, if documented accordingly."

It is amazing how much easier it is- no more waiting on the post office, or listening to excuses about the check's in the mail...We did convert people gradually as leases were being renewed- I think all tenants really like it now that they are doing it- they have more options on how to pay- they can go to the bank and make the deposit or setup recurring deposits that are automatically transferred from their account to ours. and they get a receipt showing their rent was paid at the time it is paid.  

Maybe something in your lease would allow you to file for eviction if it's a recurring issue but obviously that's a lawyer question.

Currently renting month-to-month Credit and income stats below:Credit: Low 700's2014 Income: $40kNet Worth: appx $100kMonthly Recurring Debt: Car Loan ($400) Student Loan ($250)Any recommendations would be greatly appreciated!

Between 3% and 5% on class A properties (financed, 20% down, including all recurring costs including debt service, management, taxes, etc.).