Regarding if you should DIY manage or hire a PMC:Many new investors read a couple of posts and then think self-managing their rental property, and avoiding PMC charges, is an easy way to boost their ROI.The reality, is that many of these investors really haven’t taken the time to properly understand what it takes to properly manage a rental property and the corresponding tenants.Here’s a list of some of the requirements to properly manage a rental property:Knowledge of all local municipality, state and federal landlord requirementsIntimate knowledge of all Fair Housing statutesUnderstand all federal privacy laws, as they’ll be handling social security numbers and IDsProper business insurance in the event their computer is hacked and or they improperly dispose of tenant data.Where to advertise their rental, other than ZillowWriting ads compliant with Fair Housing statutesCreating a process to accept calls/texts and schedule prospects to show their rentalA rental application and application fees that meet all local and state requirementsKnowing how to screen applicants to avoid professional tenants and the growing amount of fraudulent dataA lease compliant with all local, state & federal lawsUnderstanding local and state requirements regarding security deposit collection and holdingRent acceptance options for tenants and accounting system to track, including late fees, etc.Plans to handle nonpayment of rent issuesKnowledge of their local eviction laws or access to an attorney familiar with evictionsHow to accept, track and respond to tenant maintenance issuesBuilding a list of handymen and contractors for maintenance and turns between tenantsExpertise at evaluating tenant damages to charge against security deposit when tenants move outResearching local utility requirements to avoid suspension of services that could lead to frozen pipes or flooded basements, etc.

I will have to look closer at other collection options for my next rental.

You're using Waivo in lieu of collecting security deposits from your guests?

My question is should I already plan to collect the basement rent in a separate bank account or is that not necessary?

The Due on Sale Clause is part of loans so that the lender has easier recourse in the situation that the property is sold and an argument arises between legal title and equitable title, which would come up after the loan isn't paid and they are trying to collect payment.I hope I can continue to provide the specifics of these exemptions for many more on here as it seems to be a point of fear for investors to properly insulate their business/investments from their personal name. 

I pay $300 for a new tenant, $150 for a renewal and 8% of rent collected.

The buyer can't successfully refi then and is stuck with a potential liability they've overpaid for.Moreover, the other risk is that if the seller still has a mortgage and the buyer is making payments directly to the seller, the seller could collect the buyer's payments and stop making payments to their lender (pocketing money) until their lender forecloses.

This contractor's hustle was writing up the repair as quickly as possible in such a way the claim was denied and collect the warranty deductible typically $150 or $200 and get out of there. 

If Tenant Defaults under this Lease, Landlord may exercise all rights and remedies available under applicable law, including the right to: (i) terminate this Lease; (ii) regain possession of the Property through an eviction or similar process; (iii) recover from Tenant all unpaid Rent, including unpaid Monthly Rent, Additional Rent, Late Fees and, if applicable, holdover Rent for the period prior to Tenant’s delivery of possession of the Property to Landlord; (iv) recover all Rent payable under this Lease for the period from the date of termination for Tenant Default through the stated Expiration Date, less the amount Landlord is able to collect from any replacement tenants for that period; and (v) recover allreasonable costs and expenses incurred by Landlord in repairing any damage to the Property, caused by the improper useby any Occupant or any guests of an Occupant, less any amounts obtained from the Security Deposit.

You can collect income from the renters separately, but just make sure you deposit the same amount (whatever your rental contract says) at the same time, on a monthly basis.