Board collected those funds and put them in Operating instead of Reserves.

So by spending $42k I collected an additional $75k over 5 years, and then sold the furniture through a consignment store collecting $8k as my share.  

@Donald Hatter We send the information to a collection agency who attempts to recover the money; after they make several attempts they place it on their credit report. 

PM's will keep all late fees, they hold the security deposits so they collect all the interest on security deposits. 

Maintenance at at PM company or one of the big hedge owners like AH4R, leasing at apartment complex will teach you a lot about applications, fraud, leases, collections, evictions. 

Also, focus on 2 years of job/income stability.Class D Properties:Cashflow vs Appreciation: Typically, all cashflow with little, maybe even negative, relative rent & value appreciationVacancy Est: 20%+ should be used to cover nonpayment, evictions & damages.Tenant Pool: majority will have FICO scores under 560 (almost 30% probability of default), little to no good tradelines, lots of collections & chargeoffs, recent evictions.

How do I go about finding those who'd rather just collect the insurance money then sell it off at a discount?  

You will be paying 6-10% for just having them collect rent. 

I looked into the maintenance option years back to discover a trend of:  apx. 8% monthly fee which only included rent collection (everything else from maintenance to turnovers etc, extra, and poor reputation on repairs.)

Did you collect a pet deposit?