Just thought I'd ask the collective genius that is present here if you had any suggestions.    

We started incurring costs for our first rental late in one tax year, and didn’t collect rent until March of the next tax year.  

We are going to go over to them on Monday to collect the rent.

You should also have a condition permitting you to collect estoppels from the tenants and use the information collected to verify the leases and financial information reported by the Vendor.4) When it comes to Earnest Money (more commonly called simply a Deposit here), you should consider a minimum of 5% - 10%.  

Also how would you (in terms of how long you are holding up their money) show a private lender that they're money will earn more (ROI) in this real estate project than collecting dust in their bank?

@Ken LatchersWe do have a "Strict" cancellation policy which would allow us to collect on 50% of the booking but considering the situation my team and I have decided to fully refund every guest who decides to cancel their trip to Japan due to the virus.

Whether it is collecting rent, or doing inspections on your units;  getting programs in place to avoid sketchy situations is worth every effort.  

I think there might be some bad debt collection practices if the repayment was solicited when no debt was owed.This sounds like a scam, to be honest. 

It's a big book full of practical advice from marketing, screening, leases, collecting rent, etc.

Im currently collecting  4750.