I don't know if this is a common thing, or may be it's just a pure coincidence that I came across a few times just in the last two months.When I schedule with a listing agent to see a home, and most times it's either a short sale or REO, especially a REO, the home is vacant and you have a lock box with a four digit combination code.Now once in a while I will be at the property on time and the agent's running late, and I would get a call from them saying "go on ahead, the code is xxxx and I'll be there in 10 minutes".

I ended up combining some of your suggestions, the tenant agreed, and I hope helping her works out.Here is what I did:- Did not accept Last month rent as December payment.- Offered to accept half of Decembers payment along with a late fee pending from last month (her first late payment) as well as a late free for December.- The other half of the rent would be payed in two additional payments, one in January, the last one in February.I am hopeful that she understand the flexibility we have applied to help her out and that she do her part as agreed.Thank you for all your great comments and suggestions.

Most of the conventional lenders have a product offering that combines a mortgage and HELoC together to enable you to dray out up to 80% of the equity from a property.

:)Historically, real estate has tracked inflation, so holding real estate for a long time is more of a hedge against the decreased value of the dollar than it is an automatic wealth builder.Of course, when you combine time with all the other factors you mentioned, that's where the money comes from...

I have two rental properties free and clear of any mortages or liens with a combined value of $90,000.

We have 4 duplexes grouped together that function as as 8-plex.

There are endless combinations.

Once the renovations are done, they will all enjoy a more sophisticated, modern and functional space, so the rents will be conducive with the market, but remain reasonable for the tenants and more opportunities to increase my revenue.

A couple of things to check out if you haven't already: 1> Is the condo association actually functioning?

You have given me some inspiration, I think I can do a combination trim sections and wood filler to make it work out.