All security deposits are held in the operating account but our accounting system keeps careful track of security deposits and they show up as a liability on our balance sheet.I've not heard of management software designed to function in a specific state, so presume any would work there. 

Build a good track record and strong credit, as these can help you negotiate better terms.

I think you are on the right track. 

We value a long term win-win relationship, well- priced, well-maintained homes to ensure solid tenants as well as respect for our finances and investment, so the PM has to be of the same mindset and ability to perform.This has been by no means passive because things come up that have to be addressed, and a lot has to be organized, optimized and tracked.

And if a person needs to fast track things, there is also open options for doing that. 

I have 4 rentals (had 5, but sold one) and there isn't much to keeping track of expenses.

In today's competitive real estate market, how do you ensure your fix-and-flip projects stay on track?

Regarding single-family and modest multi-family dwellings, you're on the right track.

Look at reviews, track record, and overall communication.

As long as they have a good track record, it can be a great deal.