Life doesn't work that way.I'm also willing to bet that most of us have given a grace period or second (and third, and fourth) chance to tenants...and have been burned.The thing about letting this tenant pay the rest of June rent in mid-June is that now they have to some how turn around in 2 weeks and pay July rent in full.

There is quite a bit to do and, while I am comfortable with Excel enough to make and use my own spreadsheet to manage this, I am curious what resources others use and what spreadsheets or templates you guys might be willing to share, Excel or otherwise, with me and the rest of the BP community.

In this case I would only be borrowing 40% of value of the property because the rest would be funded by the seller.I do also have 35K in a rolled over IRA account from a previous employer. 

Well, if allowed to deposit random amounts, your tenant might say, "Well, I only had $600, so that's what I deposited....I'll get the rest to you in a week, etc, etc,...." 

I had a seller once offer me $10K and a 2nd trust deed against his primary residence for the rest.

The rest of it ... that is unlikely to stop unless you demonstrate that you have changed your attitude.

People who are saying it doesn't work fall into the category where I like to see my competition...at the quitting line with the rest of the complainers. 

The seller's broker countered with $10k down with paying off the rest of the balance ($15k)  at the end of 1 year.

Not dangerous or anything, just a little more blue collar than the rest of the town, which is largely that way. 

Timeline short and sweet.2006 - Bought my first property - Condo in Raleigh near NC State(nice area) 10% down financed the rest, Barely cash flows each month.