An automatic late fee of $50 is applied to their accounts and an email (and/or text depending on their settings) is sent out notifying them that their account is past due and additional fees and/or eviction may occur if not paid in full.

You could add it to the "acquisition loan" portion, that way it isnt figured as a cash outlay

In addition to keeping the down payment will you be able to assess fees for the time and expense of him defaulting?

In addition, I can boost my 401K contributions after the first year to catch up again since I'll have the 8-9% return from the real estate investment. 

Scott,If the condo is owned in your name, check with your Homeowners Insurance to see if they can add it to the policy. 

Both of these loan programs can get you into a home with as little as 3% down, which would give you some additional capital/reserves for improvements after purchase, or a larger contingency/emergency fund, or a good place to start on your next home. 

Do I just need to notify them of the additional charges as part of their checkout?

Do I just need to notify them of the additional charges as part of their checkout?

The current house is  attached to  two additional lots ( undeveloped land) and she wants to sell them all together.

I hear that NJ leases are pretty airtight and don't require much additional language but curious to hear from some experts here what they think.