The most critical language is or should be in there.If your lease says they must pay for legal filings due to late rent, just notify them they have to pay the $45.

Ten years later I realized that sales is #1.

I'm 19 years old and I'm very interested in rental property and flipping but I think flipping should come a little later. 

You can always opt for a property manager later and you will always work more smoothly with a property manager when you both understand some of the realities of the job.

A new policy has been implemented so my attorney and the bank has made it clear that the next thing before funding can be fully carried out is to have the loan insured in your name, the reason for the loan insurance is to protect you against any future lapses or default from your end to make repayment on time, the loan insurance policy need to be obtained in order to get funds across to you and the fee to have the loan insured is $3000 and the process will be completed before 24 hours.You need to make this payment today so we can finalize the loan later today.I await your response ASAP so we can proceed with the loan transaction.Note: The insurance fee is 100% refunded at the point of funding and you are expected to receive the insurance fee to be added to the loan amount at the point of funding (a total sum of $178,000.00 as against $175,000.00."

In other words, you're either collecting extra money from people who were going to do you right anyway or not collecting anything that will matter based on the repairs you will make later. 

The back unit is in bad shape (no immediate danger, but it's likely something major will break sooner rather than later) so we would like to serve notice to the back unit tenant upon closing and proceed with renovations ASAP.Can anyone recommend the letter/legal forms to use?

Now you need to start preparing for marketing, showing, screening software and processes, selecting a tenant, Fair Housing, emotional support animals, collecting a deposit, disparate impact, local and state housing laws, Section 8, your lease agreement, late rent, unpaid rent, partial rent, bounced checks, etc.No worries!

During my first vacancies I freaked out after the tenant left...later on I learned, meh, it just needed some spackling, touch up paint, carpet cleaned, and a few other odds-and-ends.

My applicable anecdotal experience is this;Bought my first house in Tulsa OK for 180k with a VA loan then one year later got a great job offer to move to Eastern PA.