I see these kinds of properties occasionally.

We also look at doing occasional flips or building houses from ground up.

I have multiple tenants that pay Bi-monthly(it's written into the lease) and I have to send the occasional Pay or Quit notice, but as of right now, I collect 100% rent owed to me, and I haven't had to turnover a property due to lack of payment since one of my first inherited tenants failed to pay.There will always be bad tenants, and there will always be fantastic tenants, but most of us will find, OK tenants, and it's my belief that it's your duty as a property owner to try and work with OK tenants.

I still have to occasionally remind my wife that it is all good debt.But never lose site of the fact that investing is still very high risk. 

The amount of the fine will either be in your covenants, your rules and regulations or, occasionally, the by-laws. 

I peruse the marketplace ads occasionally.

We had one tenant who had "her mom's dog" for a weekend to dog sit and we settled on charging her a reduced Fee ($100) plus $30/mo to even have the right to have her mom's dog there occasionally (which turned out to be 1-2 days/month)  We also had her sign an additional pet addendum which is very strong about what can and can't be done (and when we can enter the apartment or call animal control)Portion of our lease:If an unauthorized pet is found on the premises a fee of $500 is due immediately for having an non-authorized animal on the premise at the time of occurrence or at landlords discretion.

If you're willing to put some work in or willing to go further out from downtown, you can occasionally find something for under $300k.What's great about Colorado Springs -- say, versus Denver -- is that the laws surrounding Airbnb and short-term rentals are wide-open, so you could do an Airbnb in one of the other units. 

Oops:“Be aware that even with a property management company on your payroll, you'll still need to make occasional visits to your property to make sure that what managers and tenants tell you matches reality.

Occasionally, there will be articles about certain parts of the city that has plans for revitalization.