Our general system is run the initial payout reports, verify all reservations from our reservations sheet, verify owner charges, fix any issues, issue final payout to owners.We only use 1 trust account and 1 operating account, with the same bank. 

(I've yet to take a look at the property to confirm.)ARV Comps:https://www.redfin.com/PA/Philadelphia/1012-S-24th-St-19146/...https://www.redfin.com/PA/Philadelphia/1709-Christian-St-191...https://www.redfin.com/PA/Philadelphia/1525-Christian-St-191...Rental Comps: For gross rent determination I'm assuming room configuration to be 3 bed 1 bath for two units and a 2 bed 1 bath for the last (furnished unit).

Assuming the property is equally owned 4 ways (25% each) you could have the property appraised for confirmation of value: $1.8M/4 = $450k/share x 3 = $1.35M could be obtained as a cash out refinance, potentially utilizing a healthy portion of the STR or projected STR income to qualify. 

20k is not going to get you anywhere at all in Northern NJ and don't let anyone tell you that it will. 20k is just your reserves you need on your first deal.

If mixed in with your deposits and reserve funds, you may accidentally spend money you shouldn't have. 

I have a maintenance reserve account I fund with over $3,000 for repairs a month.  

For finances, we can stay on the residential side of things with mortgages until 10 mortgages or when it gets challenging with regard to reserves, and then we used commercial mortgages which lenders expect ownership in an entity (go look into entity formation), and from that side of things we need to show income. 

Some may require you to have a certain amount of experience or in place of that have a certain amount of cash cushion available called reserves.

A title report would be necessary to confirm whether or not there is anything preventing a current sale by the owner of record.

They finally confirmed they were sending me a check after three weeks and then it arrived in the mail on July 1st.