Always use an agent if possible in all your deals because on the buy side they will know all the procedural process and guide you in that, esp. in the infancy of your career.

I understand the underwriting procedure and know that even if I can provide the nominal NOI and market CAP rate the buyer needs to go through a much more detailed analysis.

If you are serious about owning a rental property business then take the time to create policies and procedures along with proper structure before you even think of buying a home.

If the tenant doesn't pay evict them per your normal eviction procedure.

The procedure is they have the contractor fill out 2 forms, they send an inspector to make sure the work is done (to some standard, I would guess), approve it, send me the money, and I send it to my contractor.

You should not rely solely on this information as the laws and procedures in your jurisdiction may materially differ. 

In Ohio, looking for some help. I've seen a couple of properties in Springfield especially with a sign from the county, something along the lines of "this property is an environmental hazard due to lead, unsafe for hu...

Fair Credit Reporting ActA consumer protection law that regulates the disclosure of consumer credit reports by consumer/credit reporting agencies and establishes procedures for correcting mistakes on one's credit record.fair market valueThe highest price that a buyer, willing but not compelled to buy, would pay, and the lowest a seller, willing but not compelled to sell, would accept.Fannie Mae (FNMA)The Federal National Mortgage Association, which is a congressionally chartered, shareholder-owned company that is the nation's largest supplier of home mortgage funds.

You have to communicate with the PM and see if it's justifiable.As for the late rent, I hope your PM has policies and procedures in place to deal with the non-paying tenant quickly, professionally, and efficiently.Do you need a new PM? 

Everyone's free to run their business the way they want but if you are screening tenants properly and have procedures in place to deal with problems, I see no justifiable need for M2M and one-year leases provide more stability and income.