Harder but doable and then years 2+ get a nice little bump in CF.

This first months rent would reflect on your year-end statement and your 1099 income reported to IRS by the property management company.The first month's rent is just being offset by the expense of the leasing fee that is one months rent and will show up on your expense category on your year-end statement.

I noticed we did not state in the lease that failure to pay was grounds for termination, only a negative report to the credit bureau.

HUD usually has a downloadable property condition report available online that can be helpful, although some of them are fairly cursory.

The CFPB erroneously reported in their recent white paper, Manufactured Housing Consumer Finance in the United States that 52% of the chattel loans made were made by five organizations.2 The CFPB white paper was incorrect because they based their data on HMDA reporting, which the great majority of lenders have not been required to submit under the small lender rules.

Tenants expect a bump in rents on owner turnover.Regardless, strictly enforce your late payment policy no matter what the rent is.  

I'm new to BP and RE and will be looking for local groups to get involved with, so it's great to hear reports of others trying a local group and coming back to share their thoughts. 

Bump for the morning crowd.

Bumping this for a better answer than I can give @Vic G.The property that I purchased didn't have any liens on it, so it wasn't an issue for me.

I bumped it up 10k to my best offer.