I have been in the management sine I graduated from college and consider myself pretty smart.  

So if the tenant refuses to pay the late fees, I don't see what legal course there is to obtain the funds, apart from small claims court.I know the smart thing to do is write into the lease that late fees are paid first and then rent but I downloaded the BP rental contract in file place, which doesn't have this clause.

My husband and I have two rentals plus our own home. Our business decision is for me to get my RE License this October. Our desire is to Flip some properties and Buy&Hold some properties. Should we become an Entit...

While it’s important to add your personal touch, you must also make smart financial decisions in order for your business to survive.

My goal was to give enough information so that I could pick the brains of what has proven to be a very smart and knowledgable group of people.

That'll put you well on your way to (hopefully) making smart decisions in this business!

Also, that is a smart idea, and definitely something I should have done to ensure this was a legitimate deal.

You're on the best site for learning from a lot of smart people in many different niches of real estate!

I would have to agree to take your time and get smart before you do anything with it. 

With that being said, it was enough for me to realize that this would not be a smart choice, as a starter investment.To add insult to injury, the lot rent is $514.