Just be sure to put a lot of thought into the full impact your actions have with the public...because it's damned near impossible for a new business to bounce back from a negative reputation.

The buyer is responsible for performing all research necessary to determine outstanding debts or liens.

Not a damn thing.

Neither.All these damn weird letters with scribbles and red fort black font, green font is all rubbish.A seller is not some mystical creature you know nothing about. 

Plus then they'd scrow for taxes/ins which I hate -- and I'd have to carry ins which I hate, etc.).I did sell my first multifamily (damn it I want it back) but own my 2nd-5th multis still (everything after that was mostly sold to buy more).

He has bad credit, and outstanding debts that he needs to pay (hints the loan for 12k).

Damn. 

I renamed it Tenant Invoice Not Paid because it lets me see how much money is still owed to me at any given time.Make sure you choose Accounts Receivable in the Account ColumnMake sure you enter the rental amount in the Debit ColumnMake sure you type in the tenant's name in the name columnSecond Line type in the bank name or choose it from the list because we are going to backout the money that bounced.Make sure you choose the Credit Column and type in the rental amountMake sure you choose the tenants name in the name columnStep 2:  Billing your tenant for NSF fees and Late FeesBecause we did a journal entry for the rent that bounced, the old invoice, the original invoice is still outstanding and active. 

For example, your tenant's payment of $500 would be applied to the $50 late fee charge first, then $450 towards rent, leaving $50 in unpaid rent.The problem is that you never know if the court is going to back you because it's really a peanut-shuffling game.In your case, I would send the tenant a written notice reminding them of the policy and the outstanding balance.

HI Sam,A Heloc pro is you only pay interest when you draw upon the or having an outstanding balance but the con is that you pay interest usually based on prime + margin.