This is an event that I would like to see happen again next year and hope it becomes an annual event.

Is it also usual to be charged 10% of the monthly rental plus an administration & management fee initially and then a balance of $300 for any maintenance or emergency repairs.There is no indication of when the rent is passed on to the landlord, whether this is monthly, quarterly or annually I'm not sure.Any advice on your experience with PM's would be much appreciated as well as any recommendations for good PM companies in the Tampa area.

I am work in accounting so I like numbers. 

Account Closed

@Andrew Gillings Hi, I lead the Roseville Real Estate Investing Group that Account Closed is speaking on a great topic :-)

Account Closed would it not be beneficial to pay off the student loan faster?

A quick call to their accountant will confirm.  

I have done it before, and nothing bad happened, but I have heard some bad stories.Set up a bank account to accept rent, and another bank "trust" account to keep the security deposits.

It's important that the owner receive notices that their account is delinquent - I want to say that the fair debt collection act says you have to allow 90-days before you can start collection activity but don't quote me on that. 

Then make a journal entry-debit cleaning deposit payable and credit your rent income account.