We have owned a rental property in Texarkana we basically got for free

have had the same tenant for 16 years, we have put in very little money into the property and always get our check on time. House is paid for now and we get $845 a month free and clear. Our other rental is managed by our MIL real estate firm we got in a foreclosure. Tenants have been late a few times, but pay us $100 late fee. To me, they can pay late every month if they give me an extra $100. When our MIL retires and moves to Houston, we will sell all the houses.