I think it's a fairly generous policy but it limits my losses to 15 days rent before filing and it gets rid of habitual late payers that can't/won't get with the program.

Your return is 8% to 12% regardless of outcome, maybe bonus at the end (50/50 split) and you still have your day job.

I also share most of my sub contractors info with them as an added bonus so they can get them lined up quickly and maximize profits.

My why- To be irrationally generous. 

@Lia Martinez I think you are being to generous to allow $100 when you have written evidence they said no other fees.

We have set aside combat, hostile fire, family separation pay, and the tax free from being in a combat zone, reenlistment bonuses, and got super intense about saving up for down-payments on our rental properties. 

By converting your USD to CAD, you are getting much more bang for your buck, so that's a nice bonus.

I'd offer another possible variant: When the tenants get a tax refund, a holiday bonus at work, or some unexpected income, suggest that they pay a month ahead.

I am also a boarder line sociopath which for me is a bonus in business but not necessarily good on a faceless forum.

The case in question specifically has to do with a coop property so knowledge of coops would be a helpful bonus.