Lease Transfer and Cash-Paying Tenants, Payment Options

[Noelle Geeting]

I am under contract (closing 5/22) on a quadruplex in Austin, TX. Cash deal, using a wholesaler. All four units are occupied and the tenants are currently paying their rent via cash in person. I clearly do not want to continue that for a variety of reasons. What would be the best and smoothest way to transition the tenants to a different payment option? I would also like to protect my identity and I am filing a Wyoming LLC to manage a Texas LLC. So, I obviously don't even want to give out my personal address.

The tenants are low-income and may not have banks. Money order? Payment service? 

[Corby Goade]

There's no reason a tenant can't pay using a money order or electronic transfer. If they don't use banks, that's their problem, don't make it yours.