First-Time Landlady: How to collect rent from cash-only tenants?

[Jessica H.]

Hi everyone! I'm so happy to be posting for the first time here at BP! I'm a long time podcast-listener and have been reading the forums and blog posts for a while. Also, I'd like to share that I'm closing on my first rental property (duplex)! I'm signing the final loan docs tomorrow!! :)

Here's my challenge I'd love to get your feedback on. I'm trying to figure out the best way to collect rent for tenants who don't have bank accounts and want to pay in cash. Here's my specific situation:

• I inherited a tenant from the sale and she pays only in cash
• The property is 2+ hours from where I live so collecting in person is not doable
• I'm going to be managing the property myself (I'd like to learn more about this)
• The property is in a C neighborhood so I won't be putting a rental box to collect monies

I looked into PayNearMe but that's not available to me since I only have one property. It looks like the only option I have is to open a bank account and give them my bank account # to make deposits in person. Is there anything else I can look into? Or, any precautions I should take regarding the bank deposit solution?

Thanks so much in advance! 

Jessica 

P.S. I've reached out to PayLease to see how much their services are but I have to be careful on expenses to keep a positive cash flow.