If they had only 10% economic vacancy while charging that rent and NOI came out at $1,078K it only leaves  $1.1-1.2M for expenses or ~$3000/unit.

You file for eviction as soon as it's legally allowed, which is probably as soon as it's late.Also, you need to ensure that there isn't a maximum late fee you can charge.

The amount would be a part of the total cost of the building, not charged to the other party  

also they will charge us $100 if the police are called.  

We have 22 properties in our pipeline and the less emails and running around I have to do is worth the fee he charges! 

Hi Tory,If you will be lending and securing the loan out of state, the law of the state where you are securing the loan would most likely apply, but I'm sure there are exceptions to this.I would think that you need to check for the laws in Massachusetts also.In California and in other states, but not all, you must be a licensed to secure loans with real estate, there are probably exceptions to this rule.If you secure loans with real estate in California with a licensed broker, the loan is exempt from usury laws, again, there are exceptions to this rule like lending less than 30k in senior position (or less than 20k in junior position) and there is something that attorneys talk about regarding charging an unconscionable rate but that would be getting way too detailed...Another important consideration is that if the proceeds of the loan are used for personal use or if the collateral will be owner occupied, then that triggers a bunch of other regulations, this is why most hard money lenders only lender for non owner occupy business purpose.

We do our own PM, so I look at the difference in caliber of tenant and what I can charge and convert when considering "amenities," which I would not think of a ceiling fan as being one.

As you have already read, closing costs are similar to real estate as they are local in nature.You should be able to get pretty close if you can figure out what the % charges are for state, county, city, also if financed. 

I didn't see, but do you typically charge points and have a range for the interest rates?

I had a tenant I had to confront on this point and he did not realize I knew about a prior charge which was in the local police log until I mentioned it.