Pm plans to collect from guest.  

Do you have a good relationship with your parents and are you comfortable collecting rent from them, addressing maintenance requests for them and things like that? 

Also, is this a one time referral fee collected? 

Long story short we do not have much protection in NJ, collecting full security deposit is a must. 

Also, focus on 2 years of job/income stability.Class D Properties:Cashflow vs Appreciation: Typically, all cashflow with zero or negative relative rent & value appreciationVacancy Est: 20%+ should be used to cover nonpayment, evictions & damages.Tenant Pool: majority will have FICO scores under 560, little to no good tradelines, lots of collections & chargeoffs, recent evictions.

In my area, courts will not allow you to collect the lease balance if the tenant breaks the lease.

Are they collecting enough to cover expenses while also building up a reserve?

If he files a transfer deed to the Land Trust or if he "sells it" then property taxes increase, the change in hazard insurance becomes a tangle.I wouldn't give authority to a bank person to collect rents, file evictions, deal with repairs... there are set up costs and on-going management costs.

Ideally, targeting properties conducive to the BRRRR (Buy, Rehab, Rent, Refinance, Repeat) method can optimize returns, although such opportunities may require thorough market exploration.Should you require further assistance in evaluating potential investments to align with your business strategy, I am available to offer guidance.

Just simple record of properties, manage tenants, collect applications, track payments and expenses, maintenance etc.