I am looking for any information I can find regarding building a community on a large parcel of land, selling the homes, and collecting lot rent. 

Currently, I am using my personal checking account to collect rentals.

For example, if the previous last month's rent was $1,000 and the new rent is $1,100, you would request an additional $100 to cover the increase.Update the Agreement: Ensure that the lease renewal includes a clause that reflects the new last month's rent amount.Refund and Repay:Refund the Previous Deposit: You can return the last month's rent from the previous lease to the tenant.Collect New Last Month's Rent: Then, collect the new last month's rent at the increased rate as part of the lease renewal process.Steps to Take:Review Your Lease Agreement: Check the current lease agreement to see if there are any specific clauses regarding the adjustment of last month's rent upon renewal.Communicate with Your Tenant: Inform your tenant about the rent increase and how it affects the last month's rent.

You likely will not be in a position to get multiple contractors to provide quotes on change orders which is why it will not be optimal pricing, but you need to know the cost.  

I understand that because the cash flow will be delayed for 1-2 years, I am technically paying such good price for the apartment, therefore I would like to collect more opinions on this type of investment.

I use Buildium and QuickBooks - Buildium for tenant placement, screening, rent collection, etc. and QuickBooks for finances. 

While a flip is more intense, owning a rental is NOT just sitting back and collecting money.  

As a specialized real estate CPA, I'm here to provide expert guidance on your most complex tax matters, from navigating 1031 exchanges and cost segregation studies to optimizing your rental property deductions and handling multi-entity structures.

They collect rent and you have to chase them for it, and I think they have a ring of deadbeat tenants that go from one house to the other, and pay a security deposit and nothing more

I do have experience in web development, search engine optimization, writing copy, advertising, design, and user experience.With the rough numbers that I have so far, replacing and exceeding her income appears viable - Of course this is with financing, and a trusted friend joining as a partner.