I always collect social security numbers, driver's license numbers, date of birth, etc.

Way to many investors were buying properties for more then they were worth with hopes of collecting MUCH MORE than market rent.

Hello Kyle,When screening applications for the properties that I manage, I always look for:- Income of at least 3 times the monthly rent (verified through the employer)- Credit score of 580+- Rental verification with past landlords (no outstanding balances, no late payments, and the property left in acceptable condition)- No history of collections, evictions, or criminal offenses- No overdue debt (except medical debt)I have found this screening standard very helpful when finding tenants who pay on time and treat the property well!

The wrestling and wrangling you would have to do to collect would never be worth your time. 

If not I would suggest finding a servicer to collect and manage that note. 

Collect the difference. 

I manage my own properties as do my clients; with the electronic resources for screening, rent collection, more - the ROI is greatly improved and you retain control of the property.Hope this helps.

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

In some parts of the sun belt, I have been told that you can collect far higher rents doing Section-8 than you can regular Tenants.

Send a notice: The landlord can post a notice in a visible place and send a notice by mail to the tenant's last known addressRemove belongings: The landlord can remove the tenant's belongings and store themRecover costs: The landlord can recover the costs of moving and storage from the tenantSell belongings: If the tenant doesn't claim their belongings, the landlord can sell them at a public sale(End)Please only communicate with the tenants - all of them - in written form only so it can be used in any collection/court engagement.