(Just to get back to even with selling today.)If your payment becomes $3500 and you collect $5,000 in rent with no PM charges, and everyone pays on time, and nothing breaks.

-Decide between fixer-uppers, which offer customization and appreciation potential but require more work, or turn-key properties, which provide immediate rental income with minimal effort.Hiring a Property Manager:-A property management company ensures efficient marketing, tenant screening, rent collection, and maintenance.

If that is a common occurrence then what might your collective opinion be on diving in head first versus collaborating with an experienced investor?

Is that what we have here, people dolling up the units- value add- and collecting the extra rents, or are the renters paying higher rents for a more low class living experience?

Collect and remit the same way.

Beware of bedbugs getting on your clothes and you transferring them back to your own home- if you wear a haz mat type suit the renters will feel like something is wrong and feel very uncomfortable- but in some heavily infested situations it might be called for.

Another unfortunate situation with a lot of these sorts of tenants is that they are "judgment proof", meaning, even if you were to sue them for damages, they do not make sufficient income or have sufficient assets to collect on your judgment.

bondo glass" (also polyester resin, talc with fiberglass cloth strands) & similar is the "lowest" group of products I would even remotely consider for exterior/occasional water exposure.

The tenant is responsible, however, good luck collecting anything over and above the deposit. 

I'll also hang up some new children's clothes if I have a nursery.