It seems that many of these companies are accepting investment in return for unsecured loans and new capital is constantly being raised to pay off investor redemptions.

Can anyone recommend software which would accept monthly payments (from me to seller) and create proper 1099 forms for tax purposes at year end? 

@Kenneth Jenkins you forgot to mention owners that expect a PMC to use contractors off Craigslist that are unlicensed, NOT insured and rarely have acceptable experience/skill - but, they quote the "best" price.These same owners will sue a PMC if using these types of contractors results in a tenant lawsuit.

Would you accept a tenant telling you they were going to change how much rent they were going to pay, despite what their lease contract stated?

I added arcade games, board games and accept pets as well.

We feared it was too low, but we were not willing to accept anything more and left it in Gods hands.

For example, I mention that every adult must pay a $30 application fee, pass my credit/criminal background, make a combined income of 3x the rent, and whether or not the property accepts pets.

Condos are also starting to only accept 20% down with reserves, not a good invest strategy at the moment.I'd recommend you stay in Tampa, Sarasota, buy some SF, duplex that need some lipstick and loving, put a tenant in there, and then get a heloc and repeat.

I would not accept less than GROSS monthly income 3x rent because realistically they are not likely to keep up with paying rent.

After living in the property for a full year, we have come to terms and accepted that this is not our ideal location.