Assuming your state allows you to charge late fees, charge the late fees exactly as described in your lease every time rent is late--no exceptions.  ...if your lease doesn't already have a section like that, have an attorney help you add one...As others have mentioned, the late rent alone is reason enough to want to part ways with these tenants. 

Just add one other item to your DD: a Flood Zone review.Yes, it is generally more expensive to develop/build on a Flood Zone property. 

My 10-year goal is to own and operate 2-4 short-term rentals in lake-based vacation destinations and provide add-on hospitality services to further my mission and cash flow.

It is my understanding that the Zillow API is meant to be used as an add on to your own web site where you pull in and display additional property information from Zillow.

We do a Christmas letter at the end of the year thanking them for their support and add ons to our properties.

Most managers charge 7% - 10%, plus up to one months rent for placing tenants, plus add-ons for managing maintenance issues, inspections, rent court, and a few others I am sure I forgot.I wrote an article for BP some years ago on the topic of selecting property managers that might be of help. 

It may sound nice to pay a 5% management fee but the extra fees can add up to be more than the other company that charges 10% with no add-on fees.

Hi @Alon Attias I had a post/comment on a very similar thread elsewhere, but to add on the points above:Yes, you would have to register the TX LLC in FL as a "foreign entity" because it will be conducting business in FL (through owning the FL property).

It may sound nice to pay a 5% management fee but the extra fees can add up to be more than the other company that charges 10% with no add-on fees.

Account Closed What proforma market cap rates are you seeing after doing the value add on the properties you are buying or brought in the last 1 year in Everett?