Sometimes the details are not up to date or detailed enough.It is a tool that enhances the public face of an expensive asset.

The Investment Group for Enhanced Results in the 21st Century, or TIGER 21 for short.

Consider waiving the old fees and as others have said adopt a much higher fixed fee going forward to function as a strong deterrent, ensure the PM company enforces this and communicates it clearly to the tenant.Consider changing payment terms to weekly, bi-weekly etc to better match their cashflow, if you think it is beneficial to keep them and they are consistently late by the same intervalConsider your goals, landlords are in it to make money, but do not have to stomp out every puppy they see either, if someone is terminally ill or something, this is exactly how you ruin your brand/reputation.If the property still has positive cashflow and the cost of turnover is high, you should probably at least try to exercise the flexibility you have as an investor to keep tenants going through dire straits a chance to get steady again.

Having read many books and forum posts I am now in a position to actually get real life info from real property deal makers so I can then use that learning to enhance my portfolio of properties.I hope to visit the USA in July this year to further my learning and maybe do some deals.I am looking forward to learning lots!

Below's a link to a great article about the commitment Memphis is making to improve quality of life for its citizens by significantly upgrading the 4,500-acre Shelby Farms Park (http://www.shelbyfarmspark.org/).Memphis Daily News - Urban Treasure: Shelby Farms Park expansion enhances natural beauty Can't wait till it's finished!

You can read the blogs, forum posts, listen to the podcasts and watch the numerous videos to enhance your knowledge.

Approving which contracts to pursue, where to put the money, exit plans, etc - might be high level management, but it starts to evolve things away from "solely" only the efforts of others, especially if the operating agreement provides  a level of management control.It certainly can be an investment contract, but most often with a small 2 person partnership cash/labor partners it is not the case as the money man exercises a level of control over the operations by virtue of being the sole funder. 

I have seen some general documentation online to have the tenant sign a waver form and attach it as an addendum to the lease; similar to what tenants at an apartment complex would sign for use of common exercise area / common area pools.Any feed back from investors / attorneys that have some experience dealing with SF rentals with Pools would be greatly appreciated!  

I receive $1000 a month and am due another $21,400 if/when the tenants exercise the option.

(Trade school) I never really thought of trade school...I guess that would be another really great option to enhance myself in the RE field.Great enlightener Jon~