I recently ran into this question with my remote multi-family property so want to see whether people have any thoughts or what should be normal practice.I hired a local 3rd party property management company to help me monitor operations, manage payrolls, and handle issues for my remote multi-family property.

Quote from @Joseph Milano: I would talk to the renter to see what they want to do.The easiest method is to get tenant's permission to apply the funds toward their next month of rent.If they prefer the money back, I would issue them a check, money order, or cashier check when they sign the new lease.

The property is a bit older and back up to a main road so its been a lot of ongoing major expenses over there, plus in a normal market it would be less desirable but the lack of inventory may keep the price relatively elevated this year.  

Even after fines and penalties are issued, they refuse to accept responsibility and want to charge additional fees to correct their own errors.

I was born and raised in Miami, FL and trying to kickstart my investment journey in a very expensive market, in my particular case, was a major challenge.

the ED medication was pure spite to embarrass the guy, no way he's spending a majority of his funds on that.

I ran into an issue with insurance on one of my properties.House built in 1880, 5 units with another in a semi-detached house that has its own address.Insurance before purchase was a bear but I finally got Auto-owners to cover it.A year later they reviewed it and oops your electrical is not up to code and now I have to spend another $30k to fix it or they drop me.If it was only 4 units then it was likely that Foremost would have covered it with a rider.

This is really disappointing because I am ready to purchase another property today but will not get approved or have horrible loan terms due to a 640 credit score.Does anyone have any recommendations on how to remediate this issue?

Would you have any major repair costs coming up (roof, AC)? 

Somehow, it seemed to blow up as an issue during Covid.