For example, the late fees might accrue, but you might not be able to charge a late fee till the 5th day past due.

If so, you will accrue some interest on that HELOC draw for the purchase.

The general statute of limitations in Maryland is three years from the date the cause of action accrues, except as otherwise provided.

It is my purpose to educate myself circa real estate and to accrue the financial acumen needed to gain my own freedom from lucre.

If you are doing multiple BRRRRs where you cash out 65-75% of a property's equity and create a long-term line of debt, how does the amount of debt you accrue not vastly outweigh the monthly income you bring in?

Just have your investor carry a note on the property with payments or accruing interest that will be paid back when you sell.

You can always cancel the process if the tenant gets paid up and reimburses you for the accrued legal costs if your lease stipulates that (if not, update it for next time).Moving forward, you might consider collecting first month, last month, and security deposit prior to move in to avoid the all-too-common problem you're experiencing. 

@Roy Means While it is possible to find a private/hard money lender that would be willing to forgo the monthly payments and just let them accrue until you sell or refinance the property, that is not the norm. 

Regarding the student loan, even with your 48k income, I think that it is a HUGE mistake not to make any payments right now because interest will continue to accrue and before you know it, that 200k debt will become $250k.

I'd much rather have negative cash flow and seven figure appreciation than $200, 500, $1k per door each month with flat appreciation... who cares about that pocket change, it would take many lifetimes to accrue enough cash flow at that rate to equal what a high appreciation property can achieve in a decade.