If I couldn't charge more than 1 month for security deposit (some states will not let you) then I would have to change that policy, but I'd much rather incentivize the tenant to take great care of the unit to get all their money back than have them think, Well, I'm being charged x amount more for this pet, so might as well get my money's worth.  

Here are the numbers:Purchase Price: $14KCash Paid at Closing: $13,165 (deduct closing cost contribution, owner’s pro-rata taxes and the current month’s rent, security deposit)Insurance: $1,416 (Travis Swain assisted me with my policy, I highly recommend Travis as others have on BP – big thank you to the community as it is a hassle finding insurance on these older properties)Maintenance: $2,220 (Using the property RSF although prior owner spent $1.8K in both 2014 and 2015)Management: $0 (Tenant manager for the past 15 or so years and seems eager to pay the rent.

That's also setting expectations, of course, so I'd suggest a paper letter as it's the most professional, with the next being an email.In that letter you'd want to outline what your expectations are for rent payments, your policy on maintenance requests (ie: burned out lightbulb is not an emergency request, etc), and if you use any particular systems for accepting rent (online services, software, mailing, money orders, whatever) explain that in detail too so you're not getting late payments due to confusion.

I'm curous how others structure their Rent clause in regards to Due Date and Late Fees? How many days grace period are you allowing? How much are your late fees? Are they effective? My rent clause is pretty tough on l...

Applying the Multiple Financed Property Policy to DU Loan CasefilesIf the borrower is financing a second home or investment property that is underwritten through DU(Fannie Mae underwriting engine), the maximum number of financed properties the borrower can have is ten.

Check with the receiving end bank regarding any policies they may have.

I need policies for vacant lots, vacant properties undergoing rehab and tenant occupied. 

There are rules and setbacks but seems pretty liberal.http://www.hcd.ca.gov/policy-research/AccessoryDwellingUnits.shtml

Even an insurance policy would have to be handled in some way.

(Before we started our month-to-month policy) Although I won't tell her this, I know I can't really do much about her breaking the lease if she chooses to leave the country.