Regarding if you should DIY manage or hire a PMC:Many new investors read a couple of posts and then think self-managing their rental property, and avoiding PMC charges, is an easy way to boost their ROI.The reality, is that many of these investors really haven’t taken the time to properly understand what it takes to properly manage a rental property and the corresponding tenants.Here’s a list of some of the requirements to properly manage a rental property:Knowledge of all local municipality, state and federal landlord requirementsIntimate knowledge of all Fair Housing statutesUnderstand all federal privacy laws, as they’ll be handling social security numbers and IDsProper business insurance in the event their computer is hacked and or they improperly dispose of tenant data.Where to advertise their rental, other than ZillowWriting ads compliant with Fair Housing statutesCreating a process to accept calls/texts and schedule prospects to show their rentalA rental application and application fees that meet all local and state requirementsKnowing how to screen applicants to avoid professional tenants and the growing amount of fraudulent dataA lease compliant with all local, state & federal lawsUnderstanding local and state requirements regarding security deposit collection and holdingRent acceptance options for tenants and accounting system to track, including late fees, etc.Plans to handle nonpayment of rent issuesKnowledge of their local eviction laws or access to an attorney familiar with evictionsHow to accept, track and respond to tenant maintenance issuesBuilding a list of handymen and contractors for maintenance and turns between tenantsExpertise at evaluating tenant damages to charge against security deposit when tenants move outResearching local utility requirements to avoid suspension of services that could lead to frozen pipes or flooded basements, etc.

Good Evening,I have a question, so I bought a rental property with tenants in place, The previous landlord didn't require them to have a security deposit, How would I go by with telling them that I required a security deposit, also they pay at the end of the month for the month they been on, I would like to have them pay rent the month before. so for example have them pay the rent this month for the upcoming month and so on, how would I go about doing that.

They never turn down a job, they go collecting deposit after deposit showing up to do a little at a time and on to the next project.

They should have already given you the deposit, in which case find a new tenant ASAP and use the deposit to cover any prorated rent for June.  

Try to get to know them, let them know what you do and ask them what they like to buy - you may be able to flip them a deal in the future.Not all banks get financially satisfied at the auction - meaning if the property does not sell for the mortgage balance --- if that is the case - you need to meet with the trustee after a no sale and negotiate a cash price with the trustee - he is obligated to pass along to the lender.Make sure you are well prepared with a deposit at the auction, education of the value of the property and cash to close the deal.

If you know that something major will need replacement in the future, increase the monthly amount you deposit into your reserve fund.

Did you keep the buyers earnest money deposit? 

You can collect income from the renters separately, but just make sure you deposit the same amount (whatever your rental contract says) at the same time, on a monthly basis.

My credit card companies will direct deposit the cash into my bank account in a day or two upon request.

Submit doc's 3/14 and pay deposit. 4/5 get email asking to resubmit(she cant find docs) and do same day. 4/9 says she needs to do an extension, charges me $75 extra, and I pay the 2nd half of my bill.