This is money in the bank each year and if a recession hits i have almost no impact in my portfolio as i will just keep the building until the values adjust to my target sales price ($150k in this example). 

You need to decide what is more important to you....Enforcing your type A personality that demands rent on the first regardless of crcumstances because you are the landlord and they are the lowly tenant that should is blessed to live in your property and should always bow down before you OR think like a logical business man that recognizes the value in a long term tenant with a history of paying, albeit it late but for a logical reason and offer to make necessary adjustements that will benefit all parties.  

I used to be a licensed agent years ago, and when we sell a property, I still put owner/agent on the sign or in the online ad just to stop all the real estate agent calls trying to list my property. 

I've tried different things here, and I'll continue to adjust.

Ken -I am not familiar with the community adjustments you mention.  

You need to get started and adjust as you become more experienced and see what works for you.

Even in a 1031 exchange it is the adjusted basis that carries over so even though you don't have to pay it, if you have taken some or all of the depreciation, it will follow you into the new property.  

Budgets are done annually and you make adjustments then and then increase fees based on that new budget.  

I believe as you grow your knowledge, your network, and your confidence through executing more deals your risk tolerance may adjust. 

It is not a guessing game, it is more of making educated assumptions and adjusting your strategy to suit the prevailing market conditions.There is more to this property investing business than meets the eye at first and obtaining a good understanding of investment fundamentals first, before investing in anything, is of vital importance.