Net proceeds - Is the amount of cash that goes into your exchange account.

In addition, all Rent payments hereunder not made within five (5) days of the due date shall bear interest at the rate of one and one-half percent (1-1/2%) per month"The monthly rent is $1550 so the late fee is easy - I've set the account to charge 5% if the rent isn't received within the 10 days stated ($77.50).

the insurance companies are not charities; they deserve to make reasonable profit for providing the insurance.  

One of my bizz partners sold his garbage company to waste management for 75 mil his balance sheet is a crack up.. house in Napa valley house one in Lake tahoe hunting ranch some commercial in downtown Napa. and a big huge wad in triple net munis  and zero debt.

You also need to account for the eviction process, state laws etc...

This let's you hold all adults accountable in case of lease defaults. 

@Caleb Rehg Just as a note my insurance company frowns upon college rentals and makes me state if I am renting to any undergraduate or graduate students.

Once you have a short list, get an account with each one and run them through the wringer to see how they function.

Account Closed said, income and assets are the only "hassle" with a conventional loan.

$700 negative cashflow without taking into account several expenses.