While NH does not have a specific cap on late fees, it does have a statute that effectively allows a tenant to ignore a late fee in excess of $15: http://www.gencourt.state.nh.us/rsa/html/LV/540/54...So you want to be careful assuming that just because you don't see a limit on late fees, there is no limit on late fees.  

So if they made 2,015 per month from employment, they'd meet your 3x rent requirement with a voucher covering rents in excess of 30% of their income (~$234.90 / month).  

Why has your management company allowed someone to fall 2 months past due,,that alone would be enough to throw them out.Find a new management company, it sounds like the management company was arranged by the group selling the house, find your own management company.Your new management company should start the eviction process on the late tenant now,,if the tenant can come up with the cash to pay as they have promised, they can still do so.On the maintenance cost, it isn't unusual for a small item to need to be replaced even after a full rehab, but it sounds like yours is excessive,,,get a new management company as soon as possible

Additionally, most our projects utilize non recourse financing and in excess of $3M. very few hard lenders at that level an even fewer friends.

Previous inspections have shown the foundation issue appears to be from excessive water under the slab.

The catch is higher rates, excessive prepays (flat 5/5 generally), a platitude of fees, and generally, an inferior DSCR product with regards to rates (we're talking about national lenders here, local banks can offer products that can blow everyone out of the water) since these loans are sold to investors at a higher note rate due to higher perceived risk (from a generic lending standpoint, it is hard to make the case for increasing a property's value just through rehab within 3 months).

love that model.. our dog gone land cost out our way is SOOO high its very difficult if not impossible to do these. along with all the land use issue and improvements the govmit places on you for access drainage  fire protection etc etc.. half our battle is fighting the fire marshals :(.I think out this way excess land at airports may work.. but anyway congrats sounds like a big winner. 

Did renovations that I thought were cool (eg: Koi pond) rather than what added value in excess of what they cost.

Once I reach the required reserve, I continue leaving funds in that account with the knowledge that I can pull out any excess funds for personal use.

However, my wife and I have quite a bit of excess cash flow every month.