I don't want something like this to chase them away when it comes time for renewal. 

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@Chase Kimbrell thanks Chase!

I won’t be chasing foreclosures again until I have cash 

@Marc Winter  I think the hardest lesson's learned in the  ( I want to be a landlord for financial freedom mindset)is really understanding the realities of a tenant base and that these assets price for risk.there is a reason reits or institutional money chases  3 caps.

This rate would only come about if the prop you purchase doesn't have new or newer capex items (old leaky roof, old carpet, boiler than needs repairs etc; look for a different deal), if the PM defers maintenance (fire them), or if the PM (is incentivized by fees to handle a lot of maintenance call outs (fire them again).Your PM should charge you two fees: a % of your gross rents (8-10%), and a leasing fee (usually one month's rent or a smaller amount for resigning the same tenant, which also takes work because tenants, like everyone else, are looking for the best deal).Late fees should be split between you and the PM - half for you for waiting, half for them to pay for the time it took them to chase up that payment.

I don't know that market but where I am at, I don't think anyone would chase that deal.

Worst case scenario, if someone called and said they won’t have rent available to pull via bank acct, we could suspend the EFT & they’d have to pay late fees via Zelle, Venmo or Chase Quick Pay anytime after the 2nd.

Hi @Chase LouderbackA good norm, if there's such thing as a norm, would be 70/30 with a 6-8% pref.

@Chase LouderbackSorry for the redundant question.