It's due the 1st, contact them on the 2nd to let them know that after the 5th there will be a 10% late fee added to their past due balance, and that you will not accept a partial payment. 14 Day Pay or Quit notice on the 6th.

It's really very simple.....interest is applied every month to your Outstanding Balance.

Below are some things to consider when choosing the right bank:1) Consider the fee's:  Balances in these accounts tend to fluctuate wildly.  

I feel that it balances risk while enabling easier administration.  

But and this is a big but; real estate investing is a delicate tightrope walk balancing human emotions and economic reality.

My goal is definitely to have a nicer rental in the area...while I know there's never a guarantee, my goal is to offer someone a home they're happy to live in so that they stay for a long period of time and don't want to leave...if that means spending a bit more up front I'm okay with that...I just haven't found the right balance yet of what is enough and what is too much. 

The seller has a small balance left on the mortgage so I need a down payment to clear this and a little extra cash to leave in his pocket.

The only way you might be able to swing 100% financing is if the Vendor carries the entire balance and is willing to sell you the property w/o a downpayment.  

It has been difficult to even keep up with communications and scheduling while balancing work and training time.I had the first round of showings last night, had 5 different couples come by in an hour span to look at the house.

It's a delicate balance.