Best ways to collect rent from tenants

[Nick Pass]

I own a single family home that I built out a 850 sq ft. basement apt that I rent out for 3/4 of my mortgage, but I collect monthly rent via Venmo. Now, I just bought my first duplex and am wanting to structure how I collect rents so that it’s tax efficient, reliable, and time sensitive. Meaning, I want to ensure checks don’t bounce.

Question:

What has everyone found to be the best ways to collect rent from their tenants?

[Bill B.]

Automatic bank draft withdrawal. (Like the gym or the utility company does.) they reach out and take the money without any action by the tenant, the money can’t be taken back, and it transfers on the 1st no matter if it’s Sunday or a bank holiday.