Hey @Alecia Loveless I applaud your efforts and think it will pay off!

However, aside from that, I couldn’t find much information about them, and the only online presence seems to be the wife’s LinkedIn profile (though I’ve never met her in person and am just going off her profile picture on Zillow).After submitting the application through Zillow, we attached our income (two months of pay stubs for each of us from our current jobs), work references, credit and criminal background, rental history, and the contact info for our current landlord (who just so happens to be my fiancé’s father).

My question is if she doesn't pay in 5 days, could I file a forcible entry detainer at the court ( We are in Macoupin County Illinois)?

Less RiskWith traditional rentals, if your one tenant fails to pay, you’re in trouble.

It was held by the previous owner for a very long time, so I wouldn't be surprised if some basic facts about the house are incorrect.I was making an offer on a house a couple years ago and discovered that the owner was paying taxes on an additional house that was on the neighbors lot and didn't know it!

But in general, your biggest risks are not necessarily what's the maximum rent you can get, but can you find a reliable tenant that will always pay and pay on-time.

Otherwise perhaps your winter people will pay $500 extra if your cap is $500 and that is not what your competitors will be doing. 

For small MFH/SFH you have to find the deal, inspect, estimates and decide what to do, make a deal, get financing, get contractors, manage contractors, pay contractors, then turn it over to a property manager.

Ideally they did not pay over retail because if they did they could easily lose the money they put into the property if the loan gets called.  

They stopped paying the lender and wanted to work something out with the lender but the time is running out (ie the management company did not do any significant improvement during the forbearance period) One of the LP just emailed me and said we need to raise 65k to enlist help from this company.