In my experience the basics for a functional RE based CRM are:Custom Fields for Data Objects (Leads, Prospects, Applications, Buildings, Units, etc...)A Screening Engine (background/credit checks, employment verification, etc)Online Rental Application (this should automatically run the application through screening)Ability to mass email/sms leads and tenants to provide informationSurveys/Inspection formsI've been building real estate CRM tools for years.

The multi unit works better for financing due to ability to use rent from the other unit to meet income requirements on the loan.  

Thanks allIn my search for the perfect CRM system, I am looking for one that can handle all my communication needs, such as logging email, call recording, SMS, MMS, and other forms of communication, as well as provide the ability to call, text, and email directly from the system.

How it goes from here is dependent on the market, how the deal is financed, the sponsor's plan to patch things up, and the skill/ability of the sponsor.If you have some time, check out this forum thread, it has 279 responses as of today:  https://www.biggerpockets.com/forums/960/topics/1185204-ashc...I think you'll find some useful input there. 

I would tell tenant if they don't pay last month rent you will be forced to file an eviction which will hurt their credit score and ability to rent another place for 10 years.

Expense tracking is high on the priority list with the ability to capture receipts at the time of purchase with a receipt scanner.

Also be sure you underwrite them to ensure they have the ability to repay (dodd frank). 

What do these softwares - propertyzar, simplifyem and tenantcloud - have the ability to do that an Excel cannot?

Things that I'm looking for:- The main feature I'm looking for is  the ability to create as many "accounts" as I want.

You’re borrowing against the equity in your home, so the money is not income but rather loan proceeds that you’ll need to repay.The pros of a cash-out refinance for most investors include the ability to build their portfolio and scale their real estate investment business.The cons could be trading a lower interest rate for a higher one and increasing your loan-to-value (LTV) ratio.