Tenants the world around abuse included utilities if they have any control over them.

If you make the late fee ridiculous and it spirals out of control on the tenant they have little incentive to catch back up and it's often easier for them to sit there and not pay until they have enough money to move elsewhere.

Under the agreement, you could open an escrow account (if allowed in IN) and provide for benchmark draws.I control several properties in northern Indiana, and they are all held in Land Trusts.

Although, I won't fight too much about giving up control of the day to day stuff as long as he/she continues to use the maintenance people and contractors that I have sought out and with whom I have negotiated for extremely reasonable service charges.

Remember you don't have to own a property to control it.Good LuckPaul

You are looking for who controls the estate.

.$2,515 rent - $251 (10% of rent) - $250 (assume $3k property taxes) - $250 (assume $3k insurance)- $500 maintenance ($100 per unit, includes landscaping, pest control & repairs) = $1,264 left for mortgages & utilities & profitMortgage 1 = $25k @ 5% over 30 years = $134 per monthMax hard money loan = 40% of purchase price. if the $25k = 60%, then your purchase price is $41,667, and your hard money loan is $16,667.

This was not unusual and given he emailed the money order receipts I'm not going to charge the late fee, too many things are outside of my control to blame it on the tenant.

Control the process, get them out and then get new people in.

All this sends a message: Owner in Control-an "operation" that works!