I’ve had tenants for years around this area some pay on the first or the month on the second and some  pay on the third I do have a late charge per day after the first but I’ve learned on my multi families just go there on the fourth and get the rent and that way I only make one trip otherwise I’m coming back chasing everyone down people unfortunately people are creatures of habit as long as they pay every month I’m fine with that and unpaid late charges  just come out of security per their lease  But I do agree  a new tenant you need to lay down the expectations and what things are and if  is no late charge in your lease you need to amend the lease 

You can get a 3rd party to look over the house and give you a report about the condition of your property.

It's a great way to get in at a lower cash outlay if the parties are willing to endure living in the construction and also the property as it won't likely be your dream home.Just my 2 cents!

Get the party that wants to sell to assign to you his/her right to collect all expenses that the deadbeat co-owner has not paid (an Assignment is a simple one page document) and have the seller sign a Quit Claim Deed granting his/her interest to yourself or to another investor. 

Have all parties sign.

It’s especially great to hear what people are doing or seeing in the Charlotte market in particular, as I’m relatively new to the area and have only utilized MLS and other third parties thus far.

If they sell you a property and then sign you off to a third-party PM, that's another team you need to vet, and means the TK company has less skin in the game (ie once you close, their work is done).They should have solid, data-backed answers to your questions at-the-ready.

Thanks for your reply it was bery informative,  I got the CAP rate from the website I saw it was posted on LoopNet.comI’m still in college I do plan on working in the next 6 months to make $20,000 at least on my part. I

However, my CPA insists that it can be reported in Part I split between the two members.

I would not use Zillow and Trulia as a main resource - but rather dig deeper as they are third party websites and despite being owned both by Zillow, Zillow can still be very OFF on valuations.2.