We are trying out a progressive leasing fee schedule where we charge very little to place a tenant in comparison to many, but charge renewal fees that eventually grow over the next 5 years to 50% month's rent for life of tenant occupancy.

If we do make a swift recovery, then the seller's market that we've been in for the last few years will likely continue. 

You can read about that experience here:https://www.biggerpockets.com/forums/52/topics/295592-finally-collected-on-a-small-claims-judgment-against-an-ex-tenantUltimately, if you decide not to go the small claims route, you should at least consider reporting the debt on your former tenant's credit report through a company like Rent Recovery Service or AOA Debt Reporting Service.

And if that sounds crazy to you, there are "progressive" places that want you to look at date of conviction, not date released.  

I will need to start slow and gradually progress.

I have a few banks that I have worked with locally that do that, but the appraisal is usually done before the project ever begins, and then the bank checks the progress throughout the project.I hope this is useful, Deanna!  

Sounds like a good plan to have one STR and one LTR as we continue to see how all the COVID stuff will progress. 

At some point I'll be throwing together a progress thread for our current project and will have some solid numbers to share with everyone when the job is done. 

With unemployment over 20%, it's going to be a slow recovery I fear.  

Unit 2: 2 BR, 1 BAAsking price $329,000 ($150 sq-ft) with other duplexes in the area are going for $120 sq-ftProperty has been rented out to local college students who pay individually generating rental revenue of $3,000 monthlyIf partner and I could purchase and not upgrade/rehab, renting to same college students then estimated monthly cost with debt service (assuming 4.5% interest rate & 25% down) is roughly a few dollars shy of $2k leaving a net profit of about $1kConcern is for CoVID and schools moving to an on-line model and force the $50k rehab/upgrade and possibly only brining in $2700 monthly which would only bring about 6.6% cash return ($78K down payment + $50k rehab cost)Real estate market in Memphis is rapidly progressing now as it is following Nashville’s lead