Getting a little harder to find 50-60K duplexes in QUALITY C area's here in Cleveland these days.

At the same time, there was another unit in our building (Gold Creek) for sale and I convinced them to go 50/50 on it.

First: As a rule of thumb you may want to create the LLC in the State your property is in.

If your emotional value is greater than $226 then you're in a great spot.Side note, I am a touch hypocritical as I carry about a 50/50 LTV on my mortgage.  

.$100 to replace the furnace filters$200 for gutter cleaning$150 to change the locks$50 Move out inspection fee$200 Cleaning fee$150 Floor cleaningThe list goes on.

And we also charge for actual cleaning and damages, which usually translates into recovering about 50% of our turn cost.

I'm older (close to 50) but the work ethic today is atrocious.

I'd accept let them know you understand, you'll wave late fee for September, ask how much they can pay.. if it's at least 50 to 60% I'd say Ok and  your next payment will be on XXX date. and find out how soon they expect to return to work..

We are sending handwritten mail this week to the addresses we found where the owner address is different from the property address (about 50 records or so).

If you don't have to spend any money to get the cash-flow I believe it's better to just be patient and wait on the rehab.On your particular deal , hard to know without more specifics but if you assume 50% operating expenses, they are asking a 4.6% cap which seems really high for an older, partially rehabbed property.