It looks like in GA there is no statute on maximum late fees but I bet there is case law (an attorney could research for you) where judges have determined which fees are reasonable and which are not.

I'd be willing to bet it will be the best option of all since the sooner those payments are made the more impact it will have on the reduction in the amount of interest you would pay.

If you have absolutely no clue the best bet is to have a local attorney handle it for you, there are plenty of attorneys that specialize in evictions and will do so for a fairly low flat fee plus costs.The first step in almost any location is to provide the tenant the required pay or quit notice, giving the tenant X days (as required by law) to pay the rent before you can file anything.

NEVER bet on appreciation4.

For wealth building, the leverage betting odds are in your favor at this point in history with cheap money available and a lot of decent deals out there, but there is always risk in accumulating debt and you limit your mobility to purchase more deals with every new one you acquire unless you have significant capital resources.In rural west Tennessee where I grew up, I would only purchase property at a very, very steep discount which is often possible.

Consider using arbitrage here rather than focusing on paying down the mortgages, I would bet my mortgage that when done right, you would come out ahead that way as opposed to your way.Example, rather than paying the extra to the next mortgage, why not take that extra, get a cash out refi on the paid off home, and buy an 11 home!

That right there, and with your numbers, says to me its the safer bet.

Your best bet on a small mortgage is probably a HELOC, but they will want to see that you've owned it for a year.

@John HornerIf you want to get technical bird dogging is illegal if you get any compensation.Pretty sure it would be considered practicing real estate without a license and any agreement you put in place will just be knowingly trying to circumvent that fact.So if you ever took a bird dog fee your best bet is to turn yourself in to the local authorities and plead mercy by the court.

(I haven't looked but I'll bet other states have similar procedures.)