I have an accordion folder that has various documents and after talking with the seller and making a verbal offer, if they decide they want to move forward I just pull out a contract. 

Hello I am wondering what day after the due date can you start charging late fees?

I own the house out right and was thinking that I could fix, rent and then pull out the equity for purchasing another home.

If I have a rental property with a mortgage on it and about 20% equity in the property, would I be able to refinance and pull cash out ?

This lacks the recent law changes regarding reimbursement for legal fees to the tenant.  

Read up and maybe go for a finder's fee on this one.

I know it sounds like I already have my mind made up but I'm getting as much input as I can before I pull one trigger or the other.Thanks!

Besides the inspection and attorney fees.

The brokerages don't care as long as your monthly fees are paid.

One thing to keep in mind if you hire a PM is they may charge you for every lease signed,  so if they rent to a group - that's one charge, if they rent to 4 separate students - that is 4 leases and 4 charges, see if you can negotiate that  - could cost you $300 for group and $1200 individual if you don't negotiate that fee with them.