Late Payment Penalty: A late payment fee of 5% of the overdue amount will apply if payments are more than 10 days late.3.

He was contracted to help me finish a renovation for almost $45k.

And start from a position of strength rather than getting into a property right before you go back to finish up school and have no income for a year.

Common fees will include a set-up fee, a leasing fee for each turnover or a lease renewal fee, marking up maintenance, retaining late fees, and more.

Since you are not doing super high end finishes as mentioned, doing high end flooring and all other stuff just above builder grade does not warrant tile or full wood flooring. 

I’m closing on my second deal, a duplex that’s going to take about 9-12 months to comeplete (I’m doing the work with some sub contractors but mostly myself) at this point after that is done, I will be out of money, even before it’s finished I’ll have to raise some capital to finish it, but it should cash flow conservatively $600 a month.

I just finished The Book On Rental Property Investing by Brandon Turner, and it made me even more excited and determined about getting into this business.

You've got to remember the home has already been through numerous inspections prior to delivery, so the time it takes to finish is minimal.  

You need to make sure that you know what finishes you will be putting in, and what comps are selling with those finishes..

You have to know your state landlord-tenant laws; they are on the internet:"In New Jersey, a landlord may need to give a 30-day notice to pay rent before eviction if the tenant has a history of late payments and the landlord accepts them.