what's certain is Fed is already in bankruptcy is they follow standard accounting practice like a bank.

In practice, legal proceedings are very costly and time consuming (from a few months up to 2-3 years).

Does anyone work in this space and have insights into the BEST practices for rent payments from their tenants?

I obviously am partial to Indianapolis, but you also look at smaller cities (especially the college towns) - Ft Wayne, Lafayette, Terre Haute, and Bloomington.

At Jamison Management Company, we professionally manage over 1,200 units in South Bay and around 1,100 units in Tulsa, striving to innovate and implement best practices in property management.I am here to connect with fellow real estate enthusiasts, share insights, and learn from the wealth of knowledge within this community.

I have known them to let things slid plenty of times if with some Q&A it comes apparent a person knew what they were doing, used good correct practices.

However, it's common practice for the seller to cover this cost.

but yes its a common business practice in many arenas. 

In this video Gene Trowbridge shows why this practice may come to an end.

For example, I try to rent to families and try for longer durations with renters that will take care of the place and also might put down roots with kids in school etc.Check crime stats, schools, population trends, big job suppliers, colleges, hospitals.