I have found that once we became strict landlords and enforced our 14 page document it made life alot easier!

I would first strictly enforce the rules for 2-3 months, serving 3 day notice to pay or quit on the 2nd of the month; if that does not work, I would then serve a 30 day notice to increase the rent, every 1-2 months until she leaves on her own... 

When you're first getting started lending, be very strict in your criteria. 

My opinion (as long as it complies with your local laws) is you should send them a letter, certified, keep a copy stating the late fee policy as well as the penalties and advise that next month this will be strictly enforced.

The guidelines for conventional financing of investment properties are rather strict these days.

If you are strictly a cashflow investor, wouldn't you see an under-performing market as a good thing?

If you aren't using a cap rate as part of an evaluation process though how are you determining a property's worth strictly off NOI??? 

Units routinely get shown and leased while current tenant is still there.  

I was on a strict budget because this is my parents' house and they still owed a lot of money on the property; I'm just trying to break even with this house and get my money back to do the next deal.I'll provide an update once I hear back from my contractor. 

MN winters with routine salting that could be the difference given how long and cold they are.