As an incentive for her to pay on time, can I charge her a late fee after 5 days from the due date and can I charge her for every day she's late?

I can tell you as a Banker it is much easier and you will get a lower rate if you do a cash out refinance versus a Heloc in this market.

Of course then covid pushed rates even lower, which of course because no one wanted to borrow money with that kind of uncertainty.   

But I do appreciate r this sentiment as it does lower competition in the area :). 

He is charging much more for his program with the quality being less.

Price points are low when acquiring real estate but that also comes with lower rental market values for your units so it pretty much evens itself out.With that, if you are going to buy in Reading I advise you strongly consider managing your own properties.

If you do not, I will remove them and charge you for the disposal costs.

I would look for a bunch of Sub To Deals with 2-3% interest rates ...... then rent out for cash flow and huge equity build up when rates are really low (check out amortization schedules and compare 2-3% vs 6-7% with the same balance and length of time - check out the principal portion each month - the lower the rate the higher amount goes to principal PLUS better cash flow).

We don't charge any  up-front fees for this and it shouldn't be necessary, but do watch out for the upfront non-refundable "commitment fee" or "engagement fee."

I charge fees that create additional income.