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

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.

Collect the difference. 

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!

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.

Closing CostsMake sure you also budget for closing costs, which are a collection of fees and payments made to the various parties involved in your transaction.

Quote from @Joshua Kaufman: I'm having an issue with rent collection from a commercial tenant.

You can use it for rent collection, leases, tenant vetting, the list goes on. 

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.