If you are trying to protect each property from risk of problems from another property then you need to be sure you are educated about property management and the ways to protect tenants from suing you and attaching other properties. 

In the case of bank owned, I don't see banks discounting properties to get them off their books in this market, in today's economy. 

The check just arrived today 6/15My question is, should I email my tenant advising that I received the rent from his father and per our agreement at the start of the lease that he needs to write me the check himself and include the $50 late fee, *5% late fee?

Tenant moved in today. 

I look forward to talking today.

You are already super educated you just need to jump into sounds like.

I currently work In the RAN (Royal Australian Nay) but within the next 2 months i'm going back to my prior AMAZING job (which sadly pays a little less as an outdoor educational instructor) Eventually i'd like to get to a stage where i'm pocketing enough through investment properties that my day job's income doesn't really matter and i can continue working where i love.I have just finished reading the Ultimate Beginner's Guide To Real Estate Investing which has given me plenty of ideas and as you can imagine even more questions.

. :) The home was just rented out today, but there were some minor issues found after the inspection earlier in the week.

The best advise would be to educate yourself as much as possible and try to network (as you are here) with like minded individuals and most IMPORTANTLY take action.

I spoke to a realtor today and she said the comps are that the rental property as is sells for around $70k-$85k.