Quote from @Michell Chase: The signed contract states a deposit was collected, so I would make that part of your purchase agreement.

Higher rent, guaranteed rent payment, collections and damage you just call their commanding officer.  

I too know many investors who buy very low cost properties and own them for cash and collect rent weekly and a few collect monthly.  

Myself I think if one wants to get into real estate in CA you get into the bizz you get licensed so you can legally collect fee's you put in the hard work like most wholesalers have to now..

In the future I will likely use a combination of a leasing agent for doing showings and a virtual assistant for handling leases, marketing, recording rents and calling for collections.

Some owners like collecting late fees. 

It will be info i need moving forward with my collections people for him.

What makes 100% total sense to tenant does not always compute with what you need to be successful as an owner....and #1 in that field is collecting rent.

The INC 5000 is a way for Inc Magazine to collect $300 5,000 times.

I come to you hat-in-hand, looking for the collective expertise I've come to enjoy here.