After being in business for over 10 years and having rental properties, I'm always dealing with these kinds of situations (contractors, employees, customers, government, etc).

Let me summarize to see if I understand the situation correctly.You bought a 5bed/3bath in a nice neighborhood.

Two options-tell them to move and not renew their lease, or see if them paying 50% of the rent on the 1st and 50% on the 15th would work better for them-stressing that it must be paid on time (do a 3 month trial) or you are simply not going to renew their lease.

I would really love to give you insight but at the end of the day, I don't know your financial situation/goals. 

Your best bet in this situation is to have rent cover the included utilities.

Everything is highly individualistic and there isn’t a “right or wrong”, but what works best for you and your situation. 1) what is your ultimate goal for your ideal investment property?

There's threads daily about the nonsensical things people do to be a "REI" at the expense of their actual stress, daily lives, and families well being.

Hope this helps - sugar coating your situation doesn’t help you at all. 

This location, situated three hours away from my current residence in NYC, has caught my interest.

In this post, I will briefly discuss the unique supply and demand situation in Las Vegas.SupplyLas Vegas is unique in that it is a tiny island of privately owned land in an ocean of federal land.