I meant to set a small late fee to be charged per day, but instead it was set the small late fee to be charged per month if they dont pay the rent on time.

I do know that they do have enough money of their own to pay all the Arch fees without a loan so I'm sure plenty of cash is needed up front aside from the downpayment (which land value counts towards also).

@Cassi Justiz Make sure to charge the tenant $75 for service fee.

During this time, she added a $50 late fee, and a $75 3-day notice fee.

I find that areas in my desired markets zoned for 2-4 flats are being driven up by first-time home buyers looking to be saavy and "house hack".I love the idea, definitely a fan of the theory!!

.- Request that the seller pay for closing fees due to misrepresentation of the monthly income, this being a smoke free property, and the backdating of a lease while not providing it to us for review. - Once we close writing a letter to the listing agent's office and putting in a complaint on this issue in hopes that they will provide us with a payment via insuranceWe have not closed on the property yet, but are due to close later this month.

Additionally, you could charge a penalty fee and take it out of the tenant's deposit if they go against the agreed upon terms. 

She understands she will have a late fee, but I also called to confirm her insurance is current (required in the lease), and find out it was canceled months ago.

Loss of rental income, legal fees, holding costs, ensue...

Some states are just flat out really expensive to get insurance no matter what kind of coverage you get so I can't help you there.