My lease doesn't specify when a late fee is to be collected but it does specify that if rent is not received after the 10th day of the month a late fee is assessed.

Box, but we still hold the tenant accountable if we don't receive the rent in a timely manner.

If you know of a post or a document that answers the questions, I am willing to read anything to get this information (just point me in the right direction).My goal is to show my wife an example of 1 possible property and show the comps on that land. 

If you had a contract to overpay and receive cash after closing (outside of bank/lenders knowledge) you get into fraud concerns.Considering the sellers are friends, would they consider a land contract?

It can be as simple as "based on information contained in a consumer credit report" or "based on information received from previous rental history."

The money received from the auction will need to cover the legal fees for the auction, the original loan.

He's receiving a retirement check, disability, BAH (from his GI Bill) as well as him and his fiance both work full time.

I received an insurance quote that I was hoping to get some feedback on (first time shopping for rental property insurance).I figure there are unnecessary items on here increasing the price, but I could be wrong.

I highly recommend reading How to be a Landlord written by a Newton, MA lawyer:http://www.attorneyross.com/landlord.pdfI use Lease Runner to create my Massachusetts leases & accompanying documents which are then signed online by me and my tenant.

On top of that, one of the references that I received backed up his story saying that the repairs would be 15k to 20k more.