Rent is due on the first day, not the first chance

When you buy a rental property, you inherit the tenants, lease terms, dogs, cigarettes and their bad habits. Be aware of the fact that there may be some limit testing when you first buy a home. How late can I be on rent before they get angry? How many dogs can I keep in the unit before they comment? In owner occupied situations, there may be an "I was here first" attitude complete with chip on shoulder. They were there first, but you pay the mortgage. Be firm so that new precedents can be set but keep in mind you need these people to cooperate with you at least a little bit to make for a pleasant tenant landlord relationship.