Thank you all for your responses.We hired the property manager because the screening of application, agreement etc was becoming a little tedious for us to manage as we both work full-time and have toddler age twins :-) & the property manager was charging only 4% Here is another thing I heard from our property manager: in her applicant screening process she only verifies their rental history and criminal background check and doesn't do any credit score check.Also the applicants who got qualified are coming from overseas (African continent) so am not sure how my PM verified their rental history, criminal background check and their 3x income ..

With our low end income stuff Mary Joe, its more about the criminal background check as most are section 8 and the state guarantees the monthly check.

As long as you don’t have a criminal record, have a credit score of 600 or greater and no bankruptcy in the last 3 years and can show at least $15k in the bank for 3 months this company will lend to me with interest only payments for 12 months.  

How about devoting some resources to clearing out the backlog of permits or having some more police to help catch real criminals?  

I am curious now to learn what types of criminal charges can result from this offense.

Thanks again Bill.I wasn't feeling I need a carrot ... was just trying to understand how you were articulating the handling of late fees an/or a stepped interest rate.I'm not so much skittish over motivating the borrower as I am undecided if this is the best use of capital ... so I guess it is me, I am trying to motivate ... which is a strong indicator.I do not believe our interest rates are going to move much in three years, so I would set it at 9 - 10% (the BoC 5yr rate +3.5 - 4.5%) and leave it there; the more I think about annual adjustments, the less I think it is worth the effort.The threshold for criminal usury in Canada is 60% {all fees and charges are counted as interest on the original principal}.

There truly is a difference between bad neighbors, and criminal activity.Has your area really gotten that bad??

So I could actually then be considered an "Investor" by trade later in life rather then your current designation in my book, and probably that of many others, of "Criminal" or "Thief".

Be careful and choose wisely.Thoroughly vet any one  you do business with, just like your tenants--criminal, BK, credit reports!

It's G** D*** criminal how the Vet's are treated - - don't light my fire!