There is no savings...UNLESS...you pay them an extra fee to facilitate the administrative process surrounding bi-monthly payments AND you sign up for ACH debit from your bank account.I've found greater success with just paying extra every month.

This can be 11 head aches if not evaluated carefully.

Also, being willing to take on distressed properties and muscle out the rehab will help you filter out some of the competition from the hedge-fund investors who are willing to pay top dollar (typically above asking price) for rent-ready properties in these markets.Rents are growing at 8% or more YOY in these markets. 

We have been doing ACH (e-check) payments for our tenants for a while and they really like it.

I tried one time a few years ago seeing if I could initiate some kind of ACH transfer, but the banks I talked to laughed and said they would not give this access to a small vendor, like plenty of big companies have.   

Only thing to add is have all repeating expenses on ACH automatic payments.

I think they all are going take a couple days to deposit the money in your account because it ACH checking and I don't think they have any control over that.

@Scott Steffek I live in Hawaii where I don't deal with tenants or head aches.

My first incoming ACH rent payment bounced as account was closed due to zero balance.5> Renting: While you are looking for tenant, ask your agent to send the standard lease document upfront.

ACH is the way to go.