Cash is king so I do appreciate this post to reflect on current risk.

When the inevitable non-payment happens (and lets not kid ourselves, it is a forgone conclusion that eventually a tenant in a d class property will stop paying and is in no way shape of form the PMs fault or a reflection of their screening abilities) the PM takes a course of action that they believe is best based on their expertise, the same expertise you hired them for. 

RESIDENCE/RENTAL HISTORY1.We will examine the most recent seven years of residence history.2.Home ownership will be verified through the tax assessors office and/or credit report.3.Rental history will be verified through the property owner and/or rental agent. 4.Rental history reflecting any unpaid past due rent, damages or fees will result in denial.5.Rental history showing excessive property damage, excessive noise, or unruly behavior will result in denial.6.Three or more notices for failure to pay rent and/or to comply with the terms of the rental agreement, within a 12 month period, will result in denial.7.A person with an eviction or unlawful detainer on their record may be approved if full restitution has been made.

Your word for the day is SOCIOPATH - look it up then sit in silence for an hour reflecting on how you 'contribute' to society."

(Or another name that reflects rent due)Since you didn't know how to do an Invoice, is what makes believe you have skipped some steps in Jon's book.  

If it is a loan all of your paperwork will reflect that.

Hey Mark,Cleveland changes street by street but there are no areas I have not invested in, the price just needs to reflect the area.I would really have to hear the specific deal that you're looking into and a specific street to tell you if the numbers work or not.The one area I could tell you to stay out of is the city of East Cleveland,do not confuse it with the east side of Cleveland it is a city all of itself with its own government and it is a nightmare!

This will be reflected as a very bad mark on the credit of the previous owner.

We are incentivized to believe that real estate prices and activity will only go up from here no matter what, so we manipulate data and our narratives to reflect that. 

$1.4k is the reflection of renting a unit that likely cannot legally be rented