I would only go this route if required under legislation.You could even specify a different treatment for tenants who are frequently late (i.e. 2, or more, times in a year) and have the late fee assessed on the 2nd.When we assess a late fee, it is due with the overdue balance of rent.If it is written into the lease, there is no need to send a letter ... though you might send the tenant an email reminding them they now owe a late fee in addition to their rental arrears.We also have a hard-stop where we issue a Notice to Vacate: For tenants who are late paying rent for the first time we will wait until the 7th.  

But if you run the risk of repeatedly having to replace them just do nice vinyl and don't worry about it. 

The Denver numbers don't look too great historically.The 18 year boom/bust cycle in our economy also works like clockwork back to the 1800s so if I were a betting man I would definitely bet on history repeating itself shortly. https://www.cato.org/publications/commentary/great...

A good friend of mine and longtime investor and one of the wealthiest people I know has told me repeatedly that some of the worst purchases he's made were in a 1031. 

Here are the questions I send out, (some of them are repeats in the application but I want to weed out the No's quick)  Also I ask them to go to a website for there free credit report and screen shot it, (figured if they do that they have nothing to hide) www.annualcreditreport.com, Please go to website for your credit score and screen shot it and send to me.

Step 3 you will rent out the unitsStep 4 you refinance doing a cash out refi so you can pay back the PML/HML, all while acquiring a mortgage and the remaining portion of the money is what you will use to repeat the process by buying your next property.When you do the cash out refi you want to make sure you use a bank that has no seasoning so you can do it immediately as opposed to waiting a year.

I wouldn't say the small cadre of frequent buyers at the auction here are sharks, as others do.

I would look for a company that you see frequently in the neighborhood.

We like vacations as much as anyone, but our most important travel goals and the reason we're in this involve frequent trips to Greece and Russia to see our families back there.

@Nate Jones our agent also recommended Prime Transfer, so it good to know you have had repeated positive experiences with them!