My impression is that since were are dealing with multiple PIDs I should be using the 200% rule and breaking them out individually, as well as report on schedule E individually.

The 49% cash on cash return looks impressive, that is helped by the fact you can do the deal with just 3.5% down as you'll be living there.   

, you don’t want bad neighbors-be careful when renting to pets and collect pet deposits/screen their pets, and check with other tenants that it is okay.

I'm starting out and already collected cash and some knowledge needed for my real estate investment deal.

As far as rent I would just make everyone pay electronically that way there is no need to physically collect rent and you can avoid those situations. 

The more paperwork you can throw in front of the Judge the better.Just be aware that once you win the case and have a judgement, you still have to collect, how are you planning on doing that?

I still have 2700 sq ft homes in Las Vegas where I'm collecting only $1800 per month for rent and my management company keeps telling me that is the maximum rent I can get.Just today, I had a house in Las Vegas in escrow and when the buyer saw his inspection report he backed out of the purchase because the air conditioner motor was making a lot of noise, because the previous tenant's dog urinated on every baseboard in the house and there was bubbles in the wood molding.

How do we collect rent each month until its re-rented if they paid the last months rent already.   

I am not an attorney, but at a minimum, you're going to need (1) adequate property insurance, (2) a standard lease agreement, (3) a method for vetting tenants/doing background checks, (4) a method for collection of rent, and (5) possibly a license for the property to be operated as a rental (you will have to check the requirements in your jurisdiction).

If you're happy collecting rent as is, that's fine, but doesn't leave you much protection should they decide something else is more important.