Proactive updates can prevent misunderstandings and build trust.By balancing the needs of these three stakeholders,  a harmonious ecosystem can be created where all parties feel valued and invested in the success of the property.In summary:Property management isn’t just about collecting rent or fixing issues—it’s about creating value for everyone involved. 

We have never collected that and it is not a significant cost.Also be very careful changing criteria mid stream, I would only change it between vacancies. 

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.

@Michael Darten  Most property management agreements have the monthly PM fees based upon a percentage of rents collected.  

Current PM behind one month payments to owner and already collected from tenants.How to get Security Deposits of the existing tenants from current PM and how to transfer to new PM company.

I hope to never need the umbrella insurance, but it provides peace of mind that I have extensive coverage.  

.- Ask attorney how you can enforce collecting on the lien when you need to.3) Getting full control of the property, while allowing your aunt to keep her ownership.- Have attorney draw up a contract to do this.Suggest you offer your dad some cash, now or in the near future, to motivate him to transfer his ownership to you.It may not work out, but you will learn a lot either way!

Our PMS tracks all the incoming money in instances where we collect and must remit. 

The screening process plays a big role in the odds of collection.

Hi Allen, I have thought about this myself extensively over the years.