Do people just wait for tenants to give them checks/transfer rent or do we need to send a invoice every month to tenant for rent payment?

Alternatively, you transfer the $1,000 rent to mgt company which records it as revenue, just like you would.

@Jonathan GreeneGreat feedback and agreeThe best type of post that is a question outlines the situation, what research you have done and ask for confirmation or further direction.The “what’s the best state to invest in”, “should rent or sell my home (with no other context) and the infamous transfer my property into a LLC - I wish BP could have AI charge people for asking those questions.

Coordinate the entire acquisition process. 

They then informed me that I could either move forward with the management services, with a nominal discount of $110 for the error, or revert to the Lease Only Option and have the lease transferred to me without any security deposit, as none was collected by the property manager.This mistake has left me in a difficult position.

Or the buyer could just miss a notice that the loan has been transferred to a new loan servicing company (as they do, loan servicing companies are terrible IME), and miss some payments by accident, again negatively affecting your credit.

These services are transferring live owners who have agreed to a certain % of the zestimate. 

If so, you must report the sale on Form 8949 even if you have no taxablegain to report". 8949 reflects the depreciation which transfers to Schedule D.In this situation, I do not believe there is a need for Form 4797.

Then if you want LLC as asset protection, you have to transfer the property to the LLC to hold the title.

Is it recommended to have a separate checking account for this or we can get it transferred to our personal checking account?