@Julie Bourdon investing should be approached logically, not emotionally.Recommend you first figure out the property Class you want to invest in, THEN figure out the corresponding location to invest in.If you apply Class A assumptions to a Class B or C purchase, your expectations won’t be met and it may be a financial disaster.So, when investing in areas they don’t really know, investors should research the different property Class submarkets.

You can apply online and rarely speak to a person with a bank. 

If life span is ten years and you have five years remaining, charge the tenant $2,500 and apply that towards the cost of replacement.

Unless you have some big spread of properties you're going to know your expenses for the year- Apply it against your income for the year.

Maybe you could apply for government funding and turn it into a homeless shelter... sounds like that's what's happening now!

I did hold a property for one month with a holding fee to be applied to the sec dep upon lease signing OR forfeited should they back out. 

You have no basis for saying “no harm, no foul” applies to finance.

Quote from @Daniel Grimsley: Whether it is their last month, first month, or 33rd month, you should have a clear policy of when late fees are applied and when you start eviction.

Same concept applies here - lean on other investors in your market. 

The law does not apply to small landlords, those with fewer than 10 units.