Best practice is to keep security money in another account separate from your day to day transactions (mortgage, rental income, utilities, and etc).

Hello in 2021 my partner and I bought an apartment in FL.The main purpose of the apartment was to invest our money to have it saved for our son to go to college.We have been renting this apartment to a family member who has been paying less than what we pay for mortgage and HOA,so we have been taking money out of pocket to cover expenses and so on.I decided that even thou the purpose of buying it was for college,I’ve had enough taking money out of my pocket to pay the HOA and expenses.My question is if I should sell this apartment or if it would be worthy in the long run to keep it and meanwhile just keep paying the HOA and expenses.Renting it to another person is not an option.

@Jeremy MedinaCPA’s are really bad about this practice.  

It's crucial to stay informed about market trends and continually educate yourself on industry best practices.

What is the reason you are going to college? 

It would be located near a wedding venue, hunting retreat, and about 25 minutes outside of a major university town (e.g. could rent for college football gamedays). 

This forum is far better than most books if you are talking to the right people.Once you get the basics down and practice them to perfection it’s not hard to take off and grow your REI portfolio.

Quote from @Alex Moazeni: It may sound mean, but the best practice is to start the eviction process immediately, every time.

3,000sqft, 5 (if not 6) bedroom, 4.5 bath, college rental next to Tulane. 

I have had a couple rep me who seemed to be familiar and be able to answer questions on restrictions so I wasn't sure if this was common or standard practice.