I have a tenant that says he is intending to sue me and one of his claims is my "failure to manage the agents and contractors" that I hire.

A leaky faucet, squeaky door, furnace failure.

As far as the late penalty, no need, you should not be doing rehab flips if you take over a year to get one done unless you are doing some serious major rehab and even then, over 12 months would be a failure in my book.If you choose to add in some late clause, make the interest gp to 15% (still below the usury in NJ) and perhaps an extension fee of "X" amount.

I like to factor in the "unnoticed" repairs like plumbing, and unexpected equipment failures.

I never rent to friends or relatives for this very reason .Time for a 30 day notice; breach of contract ,then list the very reason they broke the  contract.I am doing  a 30 day right now: late payment ,failure to pay all rent due for July. 

I get to learn from other investor's failures and successes everyday. 

Failure to abide by this policy will result in termination of your tenancy.GuestsPlease limit your guests to 1-3 per day.Noise LevelsOut of respect for your neighbors, please keep all noise to a minimum.

Using a VA loan that will put you thousand of dollars underwater every month is HIGHLY RISKY for the most experience investors but for a newbie it is almost a certainty to lead to failure.  

Hi-We have a rental property in Baltimore County and had to file a Failure to Pay Rent notice.

One of the biggest issues in America is mortality caused by cancer, obesity, heart-failure.