If your holding period was a cycle and a half or longer (in the US cycles typically last 7 - 12 years) and you could hold on through the down cycle things would probably work out fine.On the other hand if your holding period has to be shorter then it may not work out.

It may be a problem for those that are used to going to the office to pay, and if that's the issue, you could probably work out something to make it just as convenient for them as it was before.

I agree with Andy.Filing money with the court shows PROOF that you are not taking partial rents or doing a workout with the tenant and that you want full payment and nothing else.Here in GA if you take a partial payment the judge's sometimes see that as doing a workout with the tenant.

It did not work out.

@Rick Baggenstoss if you dont mind me asking, how did that process work out for you?  

I was technically in grad school at the time so I wasn't required to make payments at the time, and thats what really made it work for me.My finances all worked out so I was able to, however if the numbers do not work out for you, be patient and tackle the debt first.

how did it work out ?

The seller is asking for $130k for the property and is also offer to do seller financing at between 4.5-5% (this is what the realtor told me, we still have to work out all the particulars) if I chose to go this route.

From what I gather, if I'm really going to be an investor, I need to put in an offer on anything that fits my general criteria and then work out the details.

Well... that did not work out for me.