Forget collections agency.

I am in the middle of purchasing my first rental property in Arkansas and was wondering if changing the wording of "pet addendum" to "animal addendum" would allow for the "animal deposit" and monthly "animal rent" to be collected?  

Sellers may struggle to mentally shift from "owner" to "tenant," which can create challenges with boundaries and property care.Security Deposit:If you’re doing a temporary leaseback, be sure to collect a substantial security deposit to cover potential damages and ensure they vacate on time.

They can also collect rent for you. 

Also, focus on 2 years of job/income stability.Class D Properties:Cashflow vs Appreciation: Typically, all cashflow with little, maybe even negative, relative rent & value appreciationVacancy Est: 20%+ should be used to cover nonpayment, evictions & damages.Tenant Pool: majority will have FICO scores under 560 (almost 30% probability of default), little to no good tradelines, lots of collections & chargeoffs, recent evictions.

This is a business, not some mob collection system.

Just a point of fact Class action suits are a pipe dream at this level in almost all circumstances. there has to be money to collect.  

We also have a nextgen in our primary home that we rent and collect all rents for that to the same account as the rental.

Then buy out my partners on my Costa Rica properties, and just host retreats in Costa Rica, visit my cabins, collect cash flow, and enjoy my wife and kids and travel around visiting friends in my awesome motorhome which I have not purchased yet. great goals.. mine is to buy a nice drift boat and flyfish all over the west and up into BC. trying to figure out do I buy a summer cabin say in Western Montana or Eastern Idado as a home base..

. $10,000 has been collected by the lender and is in an “unapplied” status due to the short payments.