I encourage everyone to add a note to their requests, but not everyone listens to me.

Do you add anything to the lease to encourage quick reporting?

A tax known as UBTI with federal rates of 37% may apply if this type of transaction is done with any frequency.I would encourage you to look into crowdfunds or private lending from the IRA, as those are most suitable for your situation / capital amount. 

I would encourage you to view them as your best customer, because when you're handed the keys over to them, you also entrust them with your biggest asset investment!!

Knowing you have a loan in place where you only have to put 3% in is fantastic and should be a huge encouragement to you. 

No, you cannot, there're very specific rules against it, despite the YouTube webinars encouraging you to deduct them (the symphony players lost a court case against the IRS trying to deduct their performance tuxedos)and so on.I know it's tempting to think you're sticking it to the IRS, but in the end they will stick it to you.

A lot of the kind of folks you're talking about are active here on the BP forums, so if you have specific questions about any of those areas I'd encourage you to ask :)If you're looking to meet people offline there are several good investor groups in the RI and southern Mass. area including RIREIG and Black Diamond REI.

BUT it had boiler heat so no coated vents or evaporator furnace coil coated with nicotine.On another we had to literally take it back to the studs & remove the old drywall.

An unreasonably low late fee - let's say $1 - will encourage more people to be on that side of the line, but you could have a late fee of $1000 and you'd still have people paying late (and some that would pay the fee).

Any general advice/ideas on how to help/encourage our tenants to be more financially literate.Some more context about the situation:My partners and I just acquired a rental property with tenants already in place.