Opened another checking/credit card for just real estate expenses, and deposit tenant and our portion of payments into that account.

hopefully you still have their deposit to offset some of the costs. 

He had collected a $5000 deposit from them, and also was collecting more from them on a monthly basis that what we had originally been renting it for and pocketing the difference.

Since they’ve already already signed the lease and put the deposit down, is there really any reason or benefit of meeting them in person at this point?

I have considered partnering with him on maybe ONE home but haven't took the scary plunge, I say one and only one because I might could see it worth it to see his methods and locations of purchasing with him, I have a hard time seeing it being worth it to invest multiple deposits for only half the profit.

one does not have to risk EM and or big deposit until they get to do a HOme insprection and CO has been issued.. is that correct..

You will also want to draft a comprehensive lease agreement that outlines terms such as rent amount, due dates, security deposit, maintenance responsibilities, and any house rules.

(In other states there are very different processes where you can actually finance foreclosures and have 30 days to close, etc, etc.)The short version for Florida is that you have to have 5% of what you want to bid on a property on deposit with this website.  

Any additional tips or corrections would be greatly appreciated.Example:If the PM sends an owner statement showing:Gross Rent Collected: $3,000Property Management Fee: $300Miscellaneous Expenses: $200Net Rent (Amount Deposited): $2,500In QBO, I would:Record an income entry of $2,500 for net rent.Separately, record any additional expenses paid directly, such as:Mortgage: $1,200Insurance: $100Property Taxes: $150Summary:Property Accounting: Handled by the PM company and detailed in the monthly owner statements.Corporate Accounting: Recorded in QBO, focusing on net rent income (after PM deductions) and any additional expenses incurred.Please let me know if this approach is correct and if you have any suggestions or adjustments to ensure compliance and accuracy in my accounting processes.Thanks for your guidance!

Consider all the things that could go wrong and see if the lease addresses them: unauthorized pets or tenants, early termination, security deposit, lease violations, late rent, eviction, lawn maintenance, parking, etc.5.