Do you use any tools or services to automate the process, or is it something you manually handle?

I know PA has a process to go through before you start a foreclosure, but have never seen a requirement to offer a mod.Sure, https://legal-info.lawyers.com/bankruptcy/foreclosures/delay...Under the Dodd-Frank Act, the bank must first wait until the payment is more than 120 days overdue."

Transcribing transactions from bank statements, posting transactions to the correct accounts, and then manually creating an income statement, statement of owner's equity and a balance sheet is a fairly time consuming process and I have not been able to keep up with the book keeping between my regular work responsibilities.What accounting software do people recommend? 

I have found that the "value add" opportunities, with rent increases, renovations, zoning conversions, and other work needed, absolutely do take up more of your time compared to a more turnkey property - even with third party management overseeing the process. 

Ask the manager to explain their process for dealing with maintenance, late rent, evictions, turnover, etc.

That being said, I had to translate a lot of documents on my own for the loan process, so there was more effort involved.

Became a real estate agent after I fell in love with home ownership processes and out of love with my 9-5.

We've done demos with all of the big name PMS options and are finding big gaps with all of them, mostly when it comes to payment processing.

Make sure you understand exactly what they want to see and when, all through the build process.

If your current deposit already equals one month's rent, you can't request additional funds.Keep the lines of communication open with your tenants, explain the process clearly, and you'll avoid any misunderstandings.Good luck!