Serve him a three day pay or quit (or whatever it is in your state) as soon as its late.

I am a recent college grad and hope to make the best of my fortunate situation. l look forward to hearing some opinions!

Originally posted by Aly L:...I never post the property number, only the street and the cross street, for my SFRs.

Example (Dr = Debit, Cr = Credit):Purchase the property and rehab:Dr: Inventory - Acquisition Costs - $20,000Dr: Inventory - Rehab Costs - $80,000Cr: Cash (or loan) - $100,000Selling the property at a gain:Dr: Cash - $120,000Dr: Cost of Goods Sold - $100,000Cr: Inventory - $100,000Cr: Revenue (Sales) - $120,000Selling the property at a loss:Dr: Cash - $90,000Dr: Cost of Goods Sold - $100,000Cr: Inventory - $100,000Cr: Revenue (Sales) - $90,000In the third journal entry, your Cost of Goods Sold (an expense) exceeds your revenue which will translate to a net loss on your P&L.

Each floor could serve as a 1 bedroom apartment.

If so my thought would be to serve notices so that if your patience runs out and he isn't paying you have all your legal notices in place. 

Good question @Jeff L. !

Obviously, there needs to be some ice breakers there when meeting people, it may not serve you well at all to try and bring up money in your first contact.

Most of the new developments are not serving this need and their are plenty of grad students who are living off their RA or TA stipend and don't have the money for the new properties but are great tenants.  

l just listed a property of mine in Colorado, and have to do a 1031 exchange with the proceeds... so depending on how that goes, I might be an investor as well.