Keep your tenants at arms length, they are not your friends, and inforce all rules to the letter.

Cash is always king, but sometimes you can arm a coupe against the king. 

Further, both of those leases explicitly state that the Landlord can deduct late charges from the security deposit.I feel confident in saying that if you used either of these lease forms, you are in the right unless your late fees are deemed unreasonable.  

On top of that your loan size is too small and its an investment.If you do find a lender, be ready to do an ARM loan.

They don't seem to care (or understand) that this will sink our building financially - they only say that we need to bring things back into compliance with the laws and are not offering any other solutions.We are looking at a potential VERY high special assessment to cover a lot of repair expenses (mostly to interior work due to tenant damage of rented units) so I'm looking to arm myself with information and questions to ask.Any input will be GREATLY appreciated! 

The local bank I've called thus far, of which Im a member, has all only offered me a 5 year ARM 2% cap each year, 6% cap on the life of the loan, starting at 4.5%.

The other is a local bank offering a 5 year ARM at 2.2. 2% annual cap 10% lifetime cap.

Trying to get as much information as possible to arm myself properly to take this big step.

However, victims of domestic violence and members of the armed forces can terminate a lease before its term ends, under certain specific conditions.

It's rented now at $1550 as well, on a $540 mortgage payment (5.85% 5/20 ARM.)I estimate a net return of $5K yearly on each property after expenses (thanks, BP calculator!)