OP, I've actually had a client was in the business of buying and re-developing medium-sized hotels. (20+ rooms, mom-and-pop owners, value add)He used a cap-rate and was familiar most real-state metrics but he instructed me to do this:Take net revenue and times it by 3.

What action should i instruct the tenant to liimit the damage for now?

Provide them with a welcome letter, giving your payment instructions and contact info.Last but not least: if there are existing leases you must abide by those.

I suggest you to be properly acquire instructions and knowledge of the 'legal' ways to be involved.

Did not pay with fees as instructed and noted in lease.

I don't believe exactly what the topic was, but at one point the instructor stated that a bad reputation would hurt you in this business!. 

I do not know the process what so ever I need step by step instructions starting from when I find a deal I want to make an offer on.

More and more I've been reading showing instructions as well that "No blind offers will be accepted, seller won't play the bid high then drop after inspection game".

She said that the seller's attorney instructed him to only agree to seller financing if the land contract was in my husband's name, not his company's name.

so don't worry about that - take that off of your list.Until we have an agreement - I will give you some instructions and things to start your learning - and pro-active activity --- are you ready?