If they don't pay after a month or two they should be put on notice that eviction proceedings will commence.  

I strongly believe the costs will be a positive over the long haul. 

Learn from your mistakes and turn any fear into something positive.  

so as I go though the blogs I noticed most people are choosing to form an LLC instead of a corp. for conducting business in real estate...... is there a reason why?

Keep your head up, stay positive and you can achieve great things. 

Collecting my thoughts based on your responses, I'm in a position to summarize my requirements better now:# of Units:     5 units or more Multi-Family propertyBudget:        $350kCondition:    Could need rehab or have very good operating cashflow numbersLocation:      Anywhere in the USI'd be happy to hear back from Wholesalers, Property Owners and anyone who has or knows someone who has a deal. 

The realtors say that they need more inventory, and I notice that their seem to be a lot fewer "For Sale" signs in the upscale neighborhoods.

I am  extraordinary, resilient, positive, competitive, a great negotiator and salesperson, and have been successful at all of my previous careers, but, I really want to clarify the first steps with someone who has been doing it. 

My goal is to meet this with positive cashflow through income property investment!

Jamie took a full time real estate position in 2008 and helped establish the Real Estate Market's first commercial division in Knoxville and started his own real estate team.Jamie is a member of the Knoxville Area Association of REALTORS, the National Association of REALTORS, REALTORS Commercial Alliance and the Knoxville Chamber of Commerce and Farragut Chamber of Commerce.