A few years ago I received a collect call from the county jail, inquiring about a property I lad for Rent.

Your collected rents could easily be down 20%+ from what you might have pro-forma'd not one month ago.Guess we're going to find out which operators had enough safety built into their models here soon...

You don't want a beneficiary claiming that their uncle's million dollar horseshoe collection is missing and it's your fault that you failed to secure it.

The seller who is not well organized said they usually collect rents on the 5th (usually).. i close on the third of this month and had some questions about best practice... 

My Question:Can I collect rent using the LLC even though the property is not owned by the LLC?

Pet fees and deposits are collected incase of damages made to the property that are not ordinary wear and tear. 

Obviously, I would live in the smaller unit and collect rent on the 2-3 br unit.How does the FHA look at this in practice? 

Maybe you're not structured to run a collection operation?

They are collecting rent from the sub-tenant but not paying their lease.

So you want to confirm access to all units will be available, before you pay an inspector to go out there.If access to all units won't be available then you should be aggressive about getting a bigger discount for repairs since you'd basically be taking part of it sight-unseen.I'd also recommend making sure you're OK if you aren't able to collect rent in any of the units for 3-4 months.