Tons of Newbie Questions

[Jessie Sykes]

Hi everyone,

My wife and I are in the process on closing our first property. It is a duplex outside of the Charlotte, NC (Kannapolis). I had a few questions if you all wouldn't mind giving us some tips.

We want to find a good and free bank account for rental payments and security deposits. We are also looking at some property management software. At this point I'm leaning towards RentRedi, then Innago. We'd like to automate as much as possible from the start and allow the tenants to pay from an app or something. I'd rather not have to physically collect rent. I'm currently reading Heather & Brandon Turner's book Managing Rental Properties. There is a ton of good information in there and the lease agreement among other docs look good for a newbie.

I also have one other question, the building has a single water meter. The past landlord seems to have been charging $40 per tenant to cover this expense. Do you guys think this is a good practice to continue or should I call the water company and get another meter ASAP? Any tips you all mind sending our way will be appreciated!

Thank you!!!