Also what are your goals, ie cashflow buildup, rolling equity into subsequent properties, etc?

There is also a subsequent adjustment cap, or the maximum amount the interest rate can move in one adjustment period, usually 2%. 

The subsequent short term tenant did not report issue about air not blowing from the registers as he was "cool" with the hot summer.

@Chris GibbsThanks for posting.Your post and subsequent thread was insightful and valuable. 

Finding like minded individuals can result in synergy and exponential growth and subsequently achievement. 

However, sometimes people use the loan to get the deal and then subsequently rehab and rent it out.

With every subsequent invoice, show the accumulated back rent AND late fees as they build up.Now, the tenants that actually are impacted by this will be made aware of what's expected of them...and, these are the tenants you can play nice with (if needed), when that time comes.This scares, and usually, and miraculously, fixes whatever the "problem" was that allowed them to take advantage of the situation.

Having worked in a W-2 environment for the last 20 years, I've now had my eyes opened to the incredible wealth building power of residential rentals versus the "quick fix" and subsequent tax bills from the land deals I've been doing. 

One parcel of 2100 acres and then subsequently purchased an adjacent parcel of 381 acres. 

They will usually reduce or discount subsequent loans or if you have multiple properties in a blanket.