I’ve had tenants for years around this area some pay on the first or the month on the second and some  pay on the third I do have a late charge per day after the first but I’ve learned on my multi families just go there on the fourth and get the rent and that way I only make one trip otherwise I’m coming back chasing everyone down people unfortunately people are creatures of habit as long as they pay every month I’m fine with that and unpaid late charges  just come out of security per their lease  But I do agree  a new tenant you need to lay down the expectations and what things are and if  is no late charge in your lease you need to amend the lease 

 If I could do it over I would definitely buy a four family I started with the duplex then a three family and then a four family and I now do 4 families and larger if one person moves the only missing one fourth-year income versus a duplex where one person moves are losing half your income plus with the price point on a four family your depreciation and you’re write offs are larger and later on your net worth is higher

They do have pest control companies that I use in one unit where the tenant just complains frequently - townhouse sharing a wall with another owner so I have no control of next-door unit -- so I now pay for quarterly service and as part of it, they come out and re-treat for free  any time tenant has issues between quarterly treatment, so the tenant calls them now, not me.  

I have systems for cleaning, staging, quarterly/annual maintenance, inventory checks through Properly. 

I'm going to be an agent, but I'm also moving all the pieces into place to purchase my first small multi family in the third or fourth quarter of this year. 

If you do not want to grow your holdings, keep enough in reserve for capex, maintenance, etc. and then give yourself distributions as you see fit (monthly, quarterly, yearly) to get your profit out of the business and into your pockets

Keep some liquid investments like stocks and bonds handy so when that day comes that the world falls off a cliff you don't lose your apartment complex.3 - Do not trust your property management company - there are good ones but you need to be their "overlord" so to speak - quarterly reviews of their numbers, regular meetings with them, etc.4 - Do not buy a complex based on magical projections of future rent increases - only buy it if it the numbers work as is.

A hundred years ago, most homesteads were quarter sections (160 acres) but frequently only a portion of that (perhaps 80 - 100 acres) was available for planting (the rest being consumed by ditches, sloughs, bluffs/shelter belts, farmyard and pasture).  

The living quarters of an accessory cottage dwelling (ACD) shall not exceed 40% of the living quarters of the principal structureor 1,200 square feet, whichever is less.

I decided to go with a personal letter and will continue sending them each quarter to let them know I'm still @Matthew Paul - thanks, I'm giving it a go.