In AIR leases, the most common form leases used nationwide, that provision is at 150% of base rent.If your lease does have a holder over penalty provision you could use that as leverage to enforce prompt payment of the "base" rent.Otherwise I agree with the mention by another that if he's not willing to renew the lease and pay his rent on time then you'll have not choice but to employ the service of a towing service to monitor your parking lot.FYI, most commercial leases, unlike residential leases, have a grace period of ten days.

With the construction loan, funds are closely monitored and before a draw is released it must pass inspection and would protect me.

Or I suppose you could buy one of those fake CCTV cameras and put it up in the laundry room for $39 to appear like the room is being monitored...would feel pretty "watched" cheating the laundry.

If I invest in the right deals and make the right assumptions (like what we agree on) then I can manage this thing like I would any other investment with an appropriate amount of time spent of research, consultation with advisers, monitoring (what you called managing the managers), etc.

Also if you can’t fire the PM, which seems to be the case, can you monitor them much more closely and require that you give final approval of all tenants prior to lease signing?

It was $200 to install so it wasn't a big expense.The house my son rents in Colorado has a ring type doorbell and the owners mounted a small monitor on the wall in the hallway close to the door so my son can see who's at the door.

Temporary Income Tax Regs defines investor activities as follows:(1) Studying and reviewing financial statements or reports on operations of the activity;(2) Preparing or compiling summaries or analyses of the finances or operations of the activity for the individual's own use; and(3) Monitoring the finances or operations of the activity in a non-managerial capacity. 

I have been monitoring what's the best market post covid and I've seen a very unique market transition, all STR destination seems doesn't experience a downturn, while "city destination" is experiencing a downturn.

Third, I will say that I do think that after a while, Excel gets cumbersome and it gets difficult to really monitor performance.  

I can set my spending limits and monitor my traffic.