No applicable state law.

No applications?

Tenant said they had never been late on rental application.

I like to get the deposit as soon as I get the rental application, or am in verbal agreement with the potential renter.

If lots, then keep good records for contributions, draws and equity splits.Revenue:Rental IncomeOther IncomeExpenses:HOA FeesMortgage InterestProperty InsuranceProperty TaxesRepairs and MaintenanceProfessional Fees (such as accountants and lawyers)(Anything else on Schedule E that you doOther:Interest IncomeFlipping Business should include:Assets:Cash AccountsMortgage Escrow Account (if appropriate)Projects in Process (one for each project, ideally)Tools and EquipmentDeposits and Prepaid ExpensesLiabilities:Accounts PayableMortgage Payable (one for each property)Other Loans PayablePayroll Tax Liabilities (as applicable)EquitySame as aboveRevenue:Property Sales RevenueCommissions Revenue (if applicable)Cost of Goods SoldProject ExpensesExpenses:Most of your job expenses will be recorded in Projects In Process as an accumulated asset and then moved to Project Expenses when you sell the project, so there's no real need to separate out expenses such as Materials, Subcontractors, Holding Costs, Utilities, etc.  

I have had to resort to taping flyers to mailboxes to get the word out....

The company or attorney should be able to fast track your EIN application as well.  

A grace period of X days allows for the delivery of good funds without penalty (if applicable) and a late fee of $250,000 shall be assessed per day (as applicable and allowed).

It's a short little book, and it's aimed at people in sales, but I think it's applicable to life in general and our business in particular.  

Buy in a desirable area, near the metro if possible so it would be easier 1. to market it, get many applicants and have more choices to select a good tenant. 2.) ideally get more professionals/steady income renting who will hopefully give you less headaches.