Thanks Tom Wheelwright for writing the book "Tax Free Wealth". 

When a tenant is far past due on a balance (rent, late fees) do you first take it up with collections, or small claims court? 

I’d recommend steering away from condos due to high HOA fees, which can eat into returns.

As an incentive for her to pay on time, can I charge her a late fee after 5 days from the due date and can I charge her for every day she's late?

My wife and I create Real Estate Meet-ups wherever we live (lived in many places due to being in the Navy for 21 years) and I believe that these groups help change that potential energy of potential investors into kinetic energy and make kinetic investors.

It also could limit your exit strategy if the market softensseeing a lot of fix and flippers in kc as an example getting crushed due to this

Use a promissory note drafted by an attorney to outline loan terms, including an interest rate that aligns with IRS Applicable Federal Rates to avoid gift tax issues.

In a community property state like California, if your SMLLC is considered jointly owned due to community property laws, transferring a jointly owned property into it might not trigger the due-on-sale clause.

So you'll have to deal with that.Some will be wanting to finance for tax purposes.

It's not profit until you access it in some form of cash.I've seen investors loss properties with equity (a few with a lot of equity) because they can't sell at a price high enough to gain that equity, or because they can't refinance it due to the negative CF,...which would increase with a new mortgage.