Late Payment Penalty: A late payment fee of 5% of the overdue amount will apply if payments are more than 10 days late.3.

A good rule of thumb is to have 3-6 months of expenses (mortgage, utilities, insurance, etc.) set aside per property for emergencies.

For example, you could create a weighted structure where a percentage of profits is based on cash contributions, and another portion compensates for rehab or management efforts.Rent Payments and Tax-Free Profits:If you structure it as an owner-occupied property, the rent you pay could be shared proportionally, but tax-free gains on resale may only apply to your share, as you’d be the owner-occupant.

I would put it in your listing details and also potentially house rules. 

Hey @Joel Oh, so let's clarify the NYC rules around STRs.STRs are legal in NYC as long as these directions are followed."

In all markets in fact, this applies. 

If they don't know how to screen and get the horrible tenant, they apply it to all.

@Bruce Bennett this is a super important question and it doesn't just apply to lenders. 

@Thomas FarrellRecommend you first figure out the property Class you want to invest in, THEN figure out the corresponding location to invest in.Property Class will typically dictate the Class of tenant you get, which greatly IMPACTS rental income stability and property maintenance/damage by tenants.If you apply Class A assumptions to a Class B or C purchase, your expectations won’t be met and it may be a financial disaster.If you buy/renovate a property in Class D area to Class A standards, what quality of tenant will you get?

The City I invest in has a somewhat outdated rule that states an emergency contact must reside within 60 miles of the residence.