Simple answer – refuse and lose – refuse to refund (give credit) and you risk losing customers and getting bad reviews.

BP makes it sound so simple but when I see these stories in regards to how to find lenders it seems so hard.

Do not accept rental payments after the end of the old lease on the old terms.Know your landlord/tenant laws and notices for your state; it's readily available by a simple search.And, congrats on your acquisition.  

Most simple deals will not need one.

So very simple example.

Here is a simple example of what I'm talking about:Property 1: Purchase Price $100,000Annual Cash Flow: $1,200Appreciation Rate: 4%Appreciation Year 1: $4,000 Cash Flow Plus Appreciation: $5,200Property 2:Purchase Price $100,000Annual Cash Flow: $600 (Half as much as property 1)Appreciation Rate: 6%Appreciation Year 1: $6,000Cash Flow Plus Appreciation: $6,600In this example, you're getting 100% more cash flow in Property 1, but only one third more appreciation in Property 2, and you still end up better off at the end of year 1 with Property 2.

Hopefully simple question.

@Crystal Smith is spot on, it's not as simple as the 1% rule. 

I know there are many other options, but they always seem to muddy the waters come tax time and I like to keep things as simple/clean as possible.  

You need a lawyer if you are doing anything special, but setting up a simple single-member LLC can be done DIY if you choose.