(this is not legal advice by me, just my $.02  worth based on what I have done and heard.)

The apartment complex I used to live in would tape over the payment slot when they left for the day along with a notice that rent was now late and only certified funds for the rent + legal fees would be accepted.

It's not about conviction - I don't care about legal aspect of it.Sometimes I turn down a prospect because their credit shows that they fail to pay for pizza delivery!

It’s a legal question and unless you’re an attorney you’re not supposed give any legal advice.So, this is not advice coming from me but it’s what I found on a legal website.

I have been doing a lot of research on how to legally structure my properties.

I also have a question, If I was to wholesale I would want to be as upfront and ethical as possible and of course do everything legal.

I prefer to operate based on what is best for me and have the experience to do it safely.One of the easiest legal ways to target seniors in screening is to have higher than average minimum credit score requirements.

What considerations or legal implications should I be thinking about before telling him his rent will be going up?

Do not rely on it for legal advice.

If I have to account for all things that are part of doing business then my ROI will be even lower: I also have an office rent, staffing, insurances (car, office, commercial umbrella, persona umbrella), HR, legal and the other things that I have to pay just because I am doing business."