But, excel is totally fine in the beginning (in addition to your PM software to capture transactions outside of the properties).We use QuickBooks Online exclusively for all of our REI Clients.

These are professionals with additional training and a stricter code of ethics.

If rent is still not received by the tenth of the month, an additional $100 late fee is imposed, PLUS you file on them the same day. 

Rental properties are excluded from 50a6 law however lenders sometimes chose to follow it still as an overlay (additional layer) to provide protection because sometimes borrowers falsy their occupancy to exclude them from 50a6 law (like saying you dont live there and pretend living elsewhere when you in fact do as a borrower live at the aforementioned property).

Think of potential pain points or ongoing vendor tasks that you can keep an eye on remotely with cameras in addition to security.

Additionally, I wanted an easy investment since I felt like I was not ready to take on the rehab portion.

You should also consider joining your local real estate investors association for additional education and networking opportunities. 

If you don't have such a clause, add it.

My spouse and I purchased a home in Nov 2023 (that we will move into in about 1.5 years), that has an additional 2 bedroom apartment and 1 bedroom studio on the property.

If there aren't issues with this and it wouldn't be too much extra work, I'm really just looking for an additional tool to incentivize our borrowers/purchasers to keep paying timely each month.