I copied it into excel explaining where every number comes from.

I would highly recommend you interview a few CPA's or EA's and explain your goals and current situation.  

Care to explain?  

Assuming rent is due on the 1st, you will either already have rent paid in full or know there is a problem.If March rent is paid in full at the time of the meeting, I would just explain whatever your "standard" is, ie rent needs to be received by X date or a 3-day/5-day pay or quit notice will be posted on the door. 

I've had people tell me they think slower depreciation is gonna help them with their lender because it shows more taxable income and I try to explain they're not seeing it correctly.

An attorney can explain to you the clause that could be initiated and what that means. 

I have always used the first come first served approach, just seems to make sense and be objective.

Could you explain why that is?

BP Community, I have spent a lot of time in recent weeks explaining to out of state investors the true nuts and bolts behind managing properties on the south side of Chicago.  

It's good to send a notice in writing explaining this to tenants and encouraging them to purchase their own renter's insurance policy.