Issue them a 3 day notice (or equivalent that's required in your state) if they don't pay rent by the time that notice expires evict them.......Problem solved.Also worth noting that a daily fee may be a no go anyway as most jurisdictions limit the amount of late fees that you can collect. $35-$75/mo is a common limit for properties renting for under $1,000.

Which leads to a series of additional steps, like annexation, zoning, densities, utilities (water, sewer, electric) and entitlements.A real estate developer is your best bet as a resource to conduct the initial due diligence and go into a deeper dive to define the project or projects best suited for the property. 

Are there any suggestions or resources "in general" to consider when looking at properties like this.

After all the sole focus is collect your rent so who cares if this does actually exist and could do harm both mentality and physically. 

She never really made an effort to collect the fees.

You are not paying them to be forwarded information you collected by managing your own property.Even though some responsibility is borne by the PM here, from where I sit this is also a huge strike against the tenants, who basically are thumbing their nose at your rules and the lease they signed. 

I would serve her a notice of lease termination/non-renewal, and if she leaves on 9/30 then deduct any late fees or rent shortfalls from her deposit (although I would still be trying to collect it from her all the while). 

I’d definitely pass—good possibility it’s a scam, and even if it isn’t an outright scam imagine trying to collect from a 90 year old out of state co-signer who will likely develop a severe case of “oh your honor I didn’t know.....” if there is any trouble!

Kotschedoff ok I have one, I was just looking for a resource to have at home.

You’ve put all this money into something up front, gone through all the aggravations of closing and renovating to start collecting rent to pay the expenses.