Human nature.....In the future, never cancel an event.

The existing natural gas furnace is clogged and will have to be replaced, but there was apparently not AC in the house originally.

If the tenant had damaged the flooring, I wouldn't pay for new flooring for them to damage.You think it is natural for the carpet to need replacing because you had 4 kids living on it?

As assigning a committment letter or line of credit, by the nature of the type of legal contract made here, these obligations to provide funding can not be assigned without lender consent, and I have never heard of consent being given.As Jon pointed out, borrow the money and put it your account.

I'd also take some time to build up an adequate chunk of cash.

I copied the relevant section from Ohio law below For purposes of the immunity created by division (B)(1) of this section, reasonably necessary force to repel a trespasser from a building or other structure that is maintained as a permanent or temporary dwelling or to prevent a trespasser from making an unlawful entry into a building or other structure of that nature may include the taking of or attempting to take the trespasser’s life, or causing or attempting to cause physical harm or serious physical harm to the person of the trespasser, if the owner, lessee, or renter of real property or a member of the owner’s, lessee’s, or renter’s family who resides on the property has a reasonable good faith belief that the owner, lessee, or renter or a member of the owner’s, lessee’s, or renter’s family is in imminent danger of death or serious physical harm to person and that the only means to escape from the imminent danger is to use deadly force or other force that likely will cause physical harm or serious physical harm to the person of the trespasser, even if the owner, lessee, renter, or family member is mistaken as to the existence or imminence of the danger of death or serious physical harm to person.

Human nature seems to want to see how close to the line they can get, so if no late fee is charged until the 3rd, then they generally won't pay until the last moment, and there is nothing we can do about it, right?

And this strategy will allow you to possibly obtain a property at a good deal.Another strategy is to do your own work-out, modify the note and allow the borrower to stay in the property with additional interest or fees that are not preditory in nature.

It matters what you can negotiate and the nature of the deal.

Free and clear properties would appear to be the most risk free path to wealth building and steady income from Real Estate - providing you have adequate liquid reserves to carry you through any rough times.