My suggestion is to be sure to spend as much time on your policies and procedures for what to do when rent is late as you do about with pre-qualifying a renter. 

You are correct if you take partial payments it does create an issue for eviction procedures. 

At that time in the South Central KS area it was not procedure to list the basement finished area as part of the total living area - at some point that changed and now it's included.  

You credit her for interest on the deposit per your state interest amount for the duration of the 10 months she lived there.Check NOLO for your state laws for security deposit procedures and other great info Check BP forms for security deposit statement forms or Ezlandlord on line

So that would be a great niche to work in.The only downside IMO is you have to follow Real Estate Commission's guidelines and procedures and acquiring a license can be expensive, especially if you do not plan on maximizing its benefits.I believe it really comes down to what you want to do.  

There's lots to learn, procedures to be created and TONS of Fair Housing Regs to be assimilated. 

Even if it doesn't you probably need to go through the property legal procedure to take possession.

Ideally, the lease should fully spell out all the landlord and tenant responsibilities, any concessions (e.g. rent free period, landlord work), penalties, CAM responsibilities, reporting, emergency procedures, etc. etc.Get a good boiler-plate lease, have it reviewed by a lawyer that deals with leases and good luck.Oren

At that point, you adjust your numbers to account for the eviction procedure and expect the worst inside.

Read the lien law so you know the procedures and required timelines.