Should we have a joint bank account separate from our own strictly for the REI business to keep track of funds and cash flow recycling and etc?

I was just wondering if anyone had some ways they handle it other than strictly business. 

If you are looking strictly cash flow and have a solid team set up in that location then it could be a great strategy!

EVERY state either strictly forbids landlord self-help (with stiff civil penalties or criminal charges) or permits LIMITED self-help under VERY LIMITED circumstances.I'm also a practicing lawyer (in Texas) that focuses on real estate and investors. 

Whether or not that is worth it to you is strictly your preference.

Unless you have a strict maintenance schedule I wouldn't settle for anything but top quality products.

In a large minority of cases, the tenant pays both agents.There's no strict guideline and the commission arrangements are certainly not governed by law, except that any commissions paid by the tenant must be disclosed in writing and have the tenant's signature approving it.If you rent it yourself and have signed an "Exclusive Right To Rent" agreement with your agent, you will still owe the commission.As an aside, I try very hard to stay away from rentals.  

From a strict buy and hold for passive rental income i think it is a pass strictly based off these numbers:your rental income is 1850Your listed expenses are 888if you finance this for around 148-150K mortgage going to be paying around 800 a monththats 1,688 leaving you with 162/m cash flow without a property manager(assuming you do the work yourself)**Maybe look to move the utilities onto the renters to increase margins **CASH on Cash is about 4.8% to manage this yourself are razor thin numbers. 

Even if the situation is in CA where bonds are very strict, it is likely that it is still no recourse, since there was no negligence or fraud has been committed.

There are many great reads out there you might find beneficial, not all are strictly REI related.You could listen to all the BP podcasts to gather more information.There are local REI meetups where you could network with other like minded people, that would probably be a good investment of your time.While you're in the information gathering mode and getting as specific as possible with your goals and strengths, save as much as you can.