I found this in the Indiana Code regarding late feesIC 24-7-5-5http://www.in.gov/legislative/ic/code/title24/ar7/ch5.htmlIn my reading it seems that no grace period is required on Indiana state law.

We had a nice discussion recently on tenant rights and even that they are trying to pass rent control legislation (failed this time but looks like they are trying to bring it up again.).

You need to look at longer term area trends as well as taxes and rental related legislation.

If your objection is to how how they are living, you can't legislate this.

Not only in an area that cash flows well, but one where the STR legislation is friendly. 

The MD State Department of Assessments and Taxation (MD SDAT) estimates the value of a property, and the county or city is responsible for billing and collecting the taxes.Property taxes are generally used for things like public safety, sanitation, education, transportation, health services, legislative expenses, social services, recreation, and many other services extended to residents.AssessmentsThe total assessed value of a property is split into two sections: the land value and the property value.

Even when I give them responses to these questions such as:"I know it's not easy, but if you don't take a risk, there is no reward""Well I plan on thoroughly screening my tenants to mitigate the risk""I will evict the tenant if they don't pay by following the processes set forth by local legislation" "I plan on having multiple exit strategies"It doesn't matter what you say to the nay-sayers, they still think you're crazy for even trying to get into it and that failure is a certainty. 

Consequently, the banks are deciding keep the property occupied and wait to see what cards they'll be dealt down the road in terms of legislation, market conditions, interest rates, etc.

I was formerly with Armada Real Estate but they chose to become a ReMax brokerage and it wasn't a good fit for me.Meanwhile, pertinent to your original questions, there is legislation moving forward (I hope) that should help a lot to mitigate the flood insurance dilemma that many of us were facing.http://www.insurancejournal.com/news/national/2014/03/04/322194.htmLets see if the senate approves this.

It's unfortunately a huge disservice to tenants as a whole.If you want to see some REALLY crazy legislation being passed, look at what is happening in Portland, OR and Seattle, WA.