Partial rent payments spell trouble

Q: I am a new landlord and not quite sure how to handle tenants that offer partial payments. About a year ago my wife and I were fortunate to buy an almost new rental house in our neighborhood as an investment property. It was a foreclosure property and we got a great deal. We had heard that being a landlord was really easy and would be a good supplemental source of income in our retirement days.

Everything went well at first and we quickly found a nice family who were great renters for the first few months. But then they had their hours cut back at work and we began to see excuses as they were clearly having problems meeting their rent obligation. When we served them a legal "Notice of Nonpayment of Rent," they asked us to accept their rent on a weekly basis until they could get their financial situation in order.

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