With that being said, late is late, but maybe you may want to reduce the amount of the late fee.

So this brings me to what ideas and questions i have: i am looking at a nearby new construction multifamily property (townhouse), where the area/location has great schools and convenient  to many amenities such as shopping and easy access to downtown.Also, this townhouse is a new construction property and should reduce or eliminate  my expense cost for the first couple of years due to warranties.  

The cap rate is still at 10%, and assuming other buyers in your market would only pay $1,000,000 you have additional risk.If you are analyzing deals involving cap rates, it would be highly advisable to consult with a commercial broker that knows the local market well.

I have been listening to the podcast and am getting really excited to learn all about the different ways to earn additional income as a real estate investor.

Keep the rest (117k) for savings/additions/whatever else/maybe pay the monthly mortgage??

Failure to do so results in having to refund the entire security deposit, PLUS an additional 100% of the original deposit. 

In addition to the local REIA's, check into local real estate Meetup groups (Meetup.com) and there's also area-specific Facebook groups.

Take those away or lessen them to reduce my taxes on ordinary income takes away the best opportunity that I have as an individual in the poor and middle class to financially succeed and it puts me in the daily grind where I have to be at the whims of market forces and other people's selfish decision making for my financial future.I am not a billionaire or corrupt...that's class warfare that creates divisiveness, which does not create opportunity for any of us in any class.There are consumers and there are investors and that is driven by each person's personal decisions.  

I want to add it to our rental portfolio.

So VRBO does my calendar, and mentions additional amenities provided as well.You can get an idea by looking on line and looking at properties to see what they are charging, how many days they are vacant and see if you can calculate how much you need during the off period.