Or is 2 months late not really a big deal and maybe common?

Put a key lock on one of the closet doors to store your things you don't want others to use.Have extra stocks of commonly used items like soap, shampoo, lotion.

If you listen to the BP podcasts you'll hear a common theme when Brandon asks 'What separates successful investors from those who give up, fail or never get started?"

The only issue with these is if you need to redo siding, roof or other common/shared items, you and your neighbor have to agree on paying for it and coming up with the money.

Typically, tenants are required to pay rent on a specific day of the month, the 1st being the most common day of payment.

Doing some rehab is generally one of the more common ways to do so.One other item to add, when analyzing a property in a hot market, looking at cash flow and cash-on-cash return alone doesn't give you a good picture.

I was pretty certain that I have to disclose to my new tenants before lease signing that I am a licensed realtor.. which brought up the question of is there a general form commonly used for this?  

This is very common in the banking industry.   

Is this common for waterfront land pricing?

Most hard money lenders seem to have common practices and will generally require a down payment, however private money lenders can make their own rules.