Let them know they will not be able to buy a home, get a mortgage, rent in another community, and could jeopardize their current credit card limits.If you are at your wits end and you know they do not care about credit and are ducking you then report the lates. 

Obviously, you want to live with people you get along with, and who have a similar living style to your own--so, think carefully about whether the property will attract this type of tenant.

@Joshua PetersenCommence my standard first-time-investor spiel ... there's a lot to learn, but you're going to learn so much of that as well or better by doing rather than reading. 

Thank you for reading and I look forward to interacting with you all to gain more knowledge about this fascinating world of real estate investing!

This is a really old post but thought Id respond if someone is reading it yrs later like me. 

I don't consider Chicgo as a landlord friendly city, be careful.

BUT: I have gone back to wet signatures signed at the property, because if I don't explain to tenants what they sign 8 out of 10 will only read the headline.

Be careful cutting in around the ceiling and use drop cloths.

It's quite a read & quite a journey.

I read news about insurance companies pulling out of high-risk areas, but this week is the first time I saw it affect a deal of mine here in Colorado.My clients were under contract on an awesome STR property in the mountains west of Denver.