I am hesitant about collecting a partial payment.

The bank has agreed to place a second mortgage on it, allowing me to use it as collateral for other flipping projects without needing any down payment.

Helen,There are more than a few loan programs that offer a low down payment and fairly easy to qualify for a new primary home.FHA 3.5% Down,  Fannie Mae 5% Down, Fannie/Freddie 3% First time home buyers programs.Credit scores under (695) I would suggest FHA due to flexible fico requirements. 

Search BRRRR method if you are not familiar with that.

I send out check right away, but thinking of asking him to move to monthly or bi-monthly payments to streamline the process...Any thoughts would be greatly appreciated!

., keep my down payment and exit deal)What consequence can they face for this delay?

When I went to buy my second househack, I had quite literally 12k saved up for a down payment that took me a whole year to save (I was fresh out of college).

Reducing interest payments can free up funds for other financial objectives.Since you're in Kansas City, look into the local real estate market.

But heads up, a HELOC is like a rollercoaster – the interest rates can go up and down, so your monthly payments might do the same.

I hired the professional guys for this and it cost about $4500, but that was for the whole friggin basement.The other thing that I would do is to tell this tenant that they are welcome to leave and move out and go somewhere else at any time, and I will gladly let them out of their lease early providing that they are current on their payments and haven't caused any damage.