P.S. we put 1k Deposit paid $180 + 475 for appraisal and extension cost is 10$ per day starting tomorrow.

I also live in NY and take weekend trips when I have to vet new tenants and have a local friend collect for me (not a great situation but a start) WWhen I'm not there or get checks mailed. 

Seems like there was some trickiness with the new data collection process.

Even if you verify that the dad makes plenty of money, if they suddenly decide to pack up and go home without telling you, you likely won't be able to collect a judgement anyway.You can ask for things like:- Passport, Visa- Verification of their enrollment in the school- Local ID like DL- Pay stub from DadAnd do your own digging.That being said, a lot of my friends are either landlords to Chinese student renters or are themselves Chinese student renters and they seem to all be happy with the arrangement.  

Tenants further waive any subrogation claim any of their insurers may have for collection of any losses paid to the Tenants.Finally, in further consideration of Landlord foregoing the installation of a keyed dead bolt device on the back door of the dwelling and for consenting to the Tenants installing a “doggy door” in the back door of the dwelling at the Tenant’s own cost, Tenants hereby agree to indemnify Landlord, its successors, agents and assigns for any and all claims, causes of action and damages which could be or are brought against Landlord, its successors, agents or assigns which are in any way related to the keyed dead bolt device on the back door of the dwelling not being installed or the installation of “doggy door” in the back door of the dwelling.Tenants shall provide Landlord proof of payment in full for the installation of the “doggy door” in the back door of the dwelling.Add a signature line and date – remember the lease should be entered into with the LLC as the landlord. 

In these cases it's recommended to view the entire property as an investment (as if it was fully occupied by tenants) run your numbers, and then just happen to live in one of the units instead of collecting rent.

I've spoken to a collections company who has a very high success rate.I'll offer her one more chance.

A loan servicer not only collects the mortgage payments, but the service usually includes setting up an escrow and taking care of tax statements, keeping taxes and insurance payments up to date, processing payment changes and collection services too.Ensure that the contract between parties is recorded legally.

I make his payments each month...I collect rent each month...i make small $200 profit on 15 yr left.

The other option is a kaleidoscope of residential mortgages which just sounds awful, residential loans are a PITA to apply for.If they were in poor shape and this was going to be an extensive rehab and value added deal my bank would structure it as an interest only construction loan for the first 12-18 months.