They have the added benefit of not hurting the pocketbook too.I've learned more and more that it's possible to get burned following strictly these rules, it's good to hear that we have to maybe pull back on these in an effort to at least secure a first house.I'm in complete agreeance that i need to get my feet wet and mostly look to learn (i just wish it didn't come at such a high price, but too bad eh?) 

You better give the tenant their security deposit back .

Without any more knowledge than what’s contained in your post it’s an envious position to be in and there are a wealth of options available to you ranging from a joint venture to self performing on a new development to long term hold.The only people who will be able to accurately answer your question are a licensed appraiser or a broker(s) who specializes in land or commercial/residential properties.

I would recommend utilizing the free landlord software out there that will perform market syndication for you.

1- Secure contract with purchase price and terms2- Send contract to title (search and insure)3- Draft note and mortgage (you'll need a lawyer to do this- less than $500 likely)3- Seller uses proceeds (your down payment) to pay-off  the lien (The title company will handle all this)4- Close the transaction5- Establish payments to sellerYou'll want to make sure there will not be a delay between the payoff of the 1st lien- executing the "lien release" and closing your transaction- will require coordination.

I would advice keep a security camera in house to record the entire activities in home and prove tenants that it is their illusion.

Finally, when the amount of the late fees totaled the amount of the security deposit, my PM told me that the tenant paid late every month and hadn't paid the fees.

His signature was on the lease dated 6/21, which was the same date they provided us the old lease - we assume to appear that they did not have the new lease upon request.Terms of the original lease provided to us on 6/21 for month to month leasing terms:- $1,200.00- Security deposit given- No smoking- Unit cannot be used to run business- One garage spotTerms of new lease provided 7/29 backdated to start lease term on 6/1- $1,200.00- No security desposit- Tenant can run business out of unit- Tenant has been and will continue to smoke in unit (no joke this is essentially how it was worded)- Tenant has the entire garage (two car garage)We signed the p&s with the contingency that no leases should be modified and no new leases would be signed unless we vetted the prospective tenant.We have been reading some forums and are wondering what our options are.

Is there an app that is more secure than others?

Now, I grant that this place will profit over time because it is appreciating nevertheless, and they have a great rental market (most the units are rented and it is a very quiet and secure community).