You'll also need to know your rights because the Review Boards often try to intimidate owners.

I used to get a ton of email from him last year and one was announcing that his kid brother had died of cancer.. sad enough but the man was asking me for money for his brothers family.  

Your a licensed R.E. agent, that is NOT a solo thing, it means your an extension of that broker, and anything you do in Real Estate has possible MAJOR implications from both the broker and or real estate regulatory boards. 

Here's a little background on Tenant situation...has 2 or 3 young kids, an adult sister, an aunt with her male friend and the lessee has a male friend, that all appears to live in the apartment but aren't on the lease.

For these, costs tend to double across the board, especially for older buildings.

@Henry ClarkI've noted all the points you mentioned, and I'll take them on board asap!

Keep things above board and hire people who have good accounting and communication.

The family has three kids, could you imagine taking all that to a laundromat!

We've only had one resident fail to pay rent, and it was someone who had all the usual red flags, but she also had a sick kid. 

No kidding this is as simple as it gets.. just advertise that you accept shorter term leases and riase your price.. we have been doing it in Vegas for years..