That way, at least if the tenant does not replace their batteries and the landlord's insurance denies coverage, you can sue the tenant and collect from their renters insurance.

Best wishes Thanks Dan,Living of refi's is risky business IMO and something I would personally never do.I also know of many investors in "your market" getting over leveraged and hoping for appreciation, only to loose everything.And others that own and manage in Detroit for example that make a fortune.Yep, they bang on doors in the heart of D class area's and collect rents in cash.No appreciation, no rent increases and a strict cashflow play.Seems to work well for them.Each to their own I guess.Much success

So is forming an LLC and getting an EIN to set up a business checking account to receive the security deposit and collect rent payments a good idea?

Flooring can be a basic vinyl or even a DIY job using peel & stick flooring.Expensive materials is more risk for the landlord because when they get damaged there is more likelihood you will lose money on the deal because collecting damages exceeding deposits if difficult.

Have you come across a landlord / rent collection platform that does not charge fees to ACH your bank of choice?

I'm sure when you get there to do your inspection you'll find that he left his keys on the kitchen counter, took most of his clothes and left behind nothing but trash and old furniture.

Lastly, get a simple software that collects rent, late fees, updates maintenance requests and tracks payments.

Who collects the rent?

In Texas I then send them to collections.

The first question would be if there is value to be added (as it seems like your property is already updated and you've given good amenities) - are there comparables that are collecting higher rent and if so what are they doing differently?