Michigan has no laws about late fees, by you need to check your state & local statutes.Conceptually, if you don't have a solid Late Fee policy, you will eventually get taken advantage of.What we do as a PMC, much of it automated:1) Rent Due Date: first of month- Don't ever modify this as too complicated to track!

Keep your eyes on the prize, never stop learning, and be willing to modify your plan of action as you get more experience.

@Hoai Nguyen suggest modifying your current lease to cover multi-family setup.Parking, shared access, police report required for landlord to get involved in disputes, etc.

It is manual because I often know their ETA and need to modify the message.I also have a manual message I send them after I know they have checked out that has been very successful:[guest first name],Thanks!

@David Burton I'm not sure what is meant in your comment about an "optional contract", but your lawyer should understand the use of a straight purchase option contract.Perhaps his objection to the use of a modified P&S contract is that it is fundamentally a bilateral agreement (i.e., both parties are required to perform).A straight purchase option contract, however, is specifically designed to be a unilateral agreement (i.e., only one party -- in this case the seller -- is required to perform). 

You could also work with other owners and the HOA to modify the covenants.

This Addendum to Purchase Contract is entered into and is effective as of ___/___/___ by and between Seller(s) and Buyer(s) (hereinafter referred to as “the Parties”) and shall be deemed to amend, modify and supplement that certain Contract dated ___/___/___ by and between Seller(s) and Buyer(s) (the “Purchase Contract”).NOW, THEREFORE, in consideration of the mutual benefits to be derived from this Short Sale Purchase Contract Addendum and of the representations, warranties, conditions and promises hereinafter acknowledged, Sellers and Buyers hereby agree as follows:1.

Anyone out there with an existing Nevada Lease Agreement that we could modify to fit our needs?

Do we modify the plan and try house hacking?

The debtor may need to propose a modified plan that reflects the additional income.