However if you do not know the rules and exactly the rights you are acquiring you need to learn that.

This is just under 1% rule (guideline).  

I try my best to be fair with the tenants while holding firm to the terms of the lease and other rules provided to the tenant.

I do agree it's easy to get distracted especially with the internet these days learning about this strategy or that opportunity or the latest hot market etc .Best of luck with your investing!

Michael Mulholland from Caveat Emptor has done inspections on several of my deals and is not only thorough and professional, but also easy to schedule and prompt with his reports.

First: As a rule of thumb you may want to create the LLC in the State your property is in.

@Dave Carpenter, congrats on finding a fairly easy car wash deal!  

Easy to get your phone ringing with motivated sellers once you learn how to reach them! 

I know being a landlord is no easy task but can be rewarding also.

water and food shortages, public transport etc etc etc....have some compassion and make some temporary concessions on being a strong businessman and landlord.I would basically give them a one time "get out of jail free" card for late payment.... make it perfectly 1000% clear that this is a one time deal due to extreme circumstances...don't try and push it or there will be an eviction started.If they have been a good tenant and have had the respect to give you the "heads up" that they were going to have an issue paying on time, that counts for something with me....I know this is business and when you give an inch, tenants will often continue to push the envelope and take a mile...if they see you are "soft" they will exploit it.....but this is an extraordinary situation that just doesn't fit the rules.......