| One of the things to find out first, is what is the eviction laws, and to know exactly what sort of late notice, and what sort of official notice, since the best renter in 7 months can lose thier job and be the worst renter.
next assume your house will sit empty several months between renters, or you will have someone living in it being evicted for a few months.
So if you are making payments on it, remember you will have to pay even if the renter isn't.
Next most renters will want to move in after a few days of looking, they are not looking for some place to rent in 30 or 60 days, most of the renters want to move in within a week at the longest after looking at the property, so if the house is not ready to rent within at least 30 days don't waste your time, if you "rent" it, they will most likely find something else if they are waiting.
Next make sure you havve the money to put in new hot water heaters, for the repair man to fix the air condition, or what ever happens, since if it goes out at 4 am, they will call you to fix it "right then"
I would forget the discount, make it fees if it is late, I have a fee if it is 5 days late and a daily fee for every day after. And I still get alot of late rents.
And I would suggest you talk with a real estate attorney and get a specific rental agreement draw up to match your state law and exactly what you want protected.
And assume with every renter you will have to repaint the entire inside of every room, and replace alot of carpet after each renter ( or at least a carpet cleaning)
If you own the property free and clear you can make some money, if you are making a house payment, assume you will lose money on it each year, but it will be paying it off. | 
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