I recommend reviewing your local laws to understand the requirements involved.

Would you take an escrow account with a deposit?

When a lot of tenants are involved, you want to provide as many options as possible.

@Michael Klinger  As others posted, SoFi and Discover personal loans are good options and I've used them in the past.  2-3 business days from application to funds in my checking account. 

Sell the home to whoever your target tenant will be - modern, sleek, urban, renovated, bright/spacious; then sell the location - not whether they have a bank account or need a 7/11 - just that it is located to 'dining, entertainment, shopping, more.' 

But they auto-deposited $50 into my "marketing account."

You need to evaluate the HOA and its management, with a focus on the reserve account percentages.

I am also curious about when/how an attorney/legal involvement comes into play with this.

It can just be held in a savings account, no special account needed, but I always keep mine in an account separate from anything else.

I've had a keen interest in investing for as long as I’ve been involved in real estate.