I am about to send out a letter to tenants to make sure they understand they still owe rent for these months.

One rule of thumb is to buy the ugly house on the nice block.

If financed, get pre-approval letters from banks so it can be included with offers.2.

At the very least I would consider sending the tenants a balance due letter stating the amount past due (I would not include any late fees). 

That's right down the block.

Purchase price: $154,000 Cash invested: $25,000 2+1.5 SFR, 1 block from the beach How did you find this deal and how did you negotiate it?

The HOA just sent a letter saying that for future tenants, we have to get approval from the HOA for future renters.  

Also, there is a some pretty considerable housing development going on in this area as well (whole new blocks under construction).

It was stated on the letter sent to me, the fine will be $1k.

I can't put ACTUAL rates out there without violating some really good rules, so I'm putting letter placeholders in. :) You do not want Y.---% to be your rate, and you REALLY want W.---% to be your rate, but MOST people are getting X.---% for their rate, drop in what you think works for that!