On the 6th, like clockwork, we assess the late fee and issue a pay or quit notice.

You should do a quick assessment of your personal financial situation.

Ok thanks Steve I'm thinking is it okay to stipulate in the work agreement that if contractor provided incorrect SSN/TIN or it was omitted then they will be liable for any and all witholding and/or fees assessed by IRS for the error/omission?

He mentioned that the property is assessed at 165K, it is currently being rehabbed - so once I refinance, lets say I'll be in for 25% = 41,250. 

After providing a better assessment.

.---------------------------------------------------- I agree with you on the cash on cash of 15% which how I assess multi-families.... 

Well, we came across a piece of property in Williamsburg, VA that was in our family (aunt's and uncles) it needs some work but the landed assessed for 30k. and its a 3br 2bth SFH at 1300 sq/ft.

If you are eligible for the owner occupied legal residence special assessment or the agricultural use special assessment and fail to file the proper application, your tax liability may be over three times higher because it will be classified at the other real property rate."

This was on a property that is assessed at $5k that I bought for $425 so I didn't feel like it merited closing with a title company and getting title insurance.  

When I'm looking at a property's tax history, usually it's a percentage of the assessed value.