What I would love to know is how you collect your rent? 

I'm thinking about doing it on terms next time and renting the lot like you said.  

This allows you to mitigate risk and increase your cash flow potential with diversification, all while deferring the tax you would normally pay. 

For example, we have a client selling four 6-unit rent stabilized buildings in Ridgewood Queens. 

A yearly rent increase is written into the Lease Option, so the amount I get increases each yearf.

How to ensure that this type of tenant will pay rent on time? 

Units 1 & 2 rent for $1,550/month eachThe remaining single unit rents for $900/monthTotal current market rents should be at least 15% higher given the location and conditionLight renovations can boost rents by 25-30%, creating immediate income increasesAdditional Revenue Streams: The 400 sq/ft rooftop deck and garden outdoor space offer potential for higher rent premiumsThe 400 sq/ft two-car garage can be leased separately or repurposed, which is a significant value-add in PhillyZoning and Expansion Potential:The property is zoned RM-1, with existing rights to build 2 additional units by right, without zoning board hearings or red tape.

WE lowered rent once for one tenant, it was during the winter and sat vacant, but I think that was in the 1990s, so have not lower rent for anybody since.

Second , renting by the room , what could go wrong ?   

Can you add value over time to increase equity?