Quote from @Abhijit Roy choudhury: Financial Crime enforcement Network, requires reporting of Beneficial Ownership Information filing by 01/01/2025.Does this apply to us, Rental LLC owners.

Henry,Good to know the technology and law-enforcement is working for you while you’re you’re out of the country.

I charged fees for other violations as well but the fees aren't enforceable here in Wisconsin because the lease did not explicitly state what they would be in advance.

You can try small claims court, but nothing is enforceable, so it is mostly a waste of your time...and some of the problematic tenants know this.I agree with Jill, if they do make payments, take cash or money orders-no cheques.

They may take an interest.Some of those people might actually be more aggressive about enforcing existing laws.

Yes I have known it to work because the owner is not a push over, enforces policy and can make it run good......however, do you have the right personality to do this, AND if you move out can you continue to have the house run smoothly with no one in charge.  

Just because they included that clause in their contract doesn't make it enforceable. 

And perhaps they realized that they couldn't staff permitting and enforcement for the program. 

A good property manager can help with tenant screening, enforce lease terms, and handle evictions more efficiently if it comes to that.Require a Larger Security Deposit: Within the bounds of local regulations, a larger deposit can provide a cushion in case of damage or unpaid rent.Consider Rent Guarantee Insurance: Some companies offer insurance products that can cover lost rent in case of tenant default.

If they are VERY professional, they will have their processes in writing as verification that policies are enforced equally and fairly by their entire staff.6.