Carlos, I have had good luck with eRentPayment.com I would use something with electronic withdrawal to ensure no one forgets to write a check or get a money order.

I also liked that I didn't have to mail out owner statements any more everything was done electronically.  

Although I personally don't like not having control of the cycle, I would go with a simple electronic cycle pad rather than a dial timer.

The landlord asks rent to be paid electronically via bank account so he has my routing number.

I also believe this gives me an added protection of an electronic "date/time stamp" in proving that notices were made timely.  

Instead of filling out the form just do it electronically, much easier and you get your number on the spot.

It allows you to keep track of all expenses as well as send invoices each monthly and they can pay via check, electronic check, or even a credit card.

I'm a decent handyman with lots of tools and fairly skilled with electronic dodads.

I wanted to select not only a good tenant, but one that also banked/paid bills electronically.  

The original electrical would have been installed to run a few incandescent bulbs, a radio or two and perhaps an early appliance and was not designed to handle today's electronic demands.Another thing to keep in-mind, depending on when the property was converted to apartments, is that the conversion may not - quite likely will not - meet current fire codes, which will both impact your insurance rates and your renovation costs when you do undertake a substantial rehab.That gorgeous exterior, with it's clapboard/shakes (or era brickwork) and elaborate trim will be high maintenance - that does not mean it's not "worth it", just that you need to budget accordingly.Personally, I enjoy performing deep energy retrofits on these old buildings (which can be very solidly built), but it can be an involved and costly experience, hence we are always looking for the unloved and run-down which can be purchased cheaply.If that house has been 200+ days on market - and no other landlord or investor has touched it - tells me there is a problem with the value proposition of the deal.