Collecting rents is an art and a science.What you should depends on where they are with their late rents.

Also, focus on 2 years of job/income stability.Class D Properties:Cashflow vs Appreciation: Typically, all cashflow with little, maybe even negative, relative rent & value appreciationVacancy Est: 20%+ should be used to cover nonpayment, evictions & damages.Tenant Pool: majority will have FICO scores under 560 (almost 30% probability of default), little to no good tradelines, lots of collections & chargeoffs, recent evictions.

I always collect social security numbers, driver's license numbers, date of birth, etc.

After collecting tenant pass-throughs for the year, do you pay the property taxes at the end of the year or the beginning of the next year?

The wrestling and wrangling you would have to do to collect would never be worth your time. 

(I had chat GPT optimize this response, Lol)That's a good point—I have similar rentals as well.

While I have a general understanding of what it takes to set up a fund, I’d love to tap into the collective wisdom here.

I was determined and wanted something that I could sustain for the long term for my family's livelihood and control the effort I put in and the results I got from that effort.I specialize in sourcing properties for fix and flip investors nationwide (wholesaling, but with real-world experience and closed profitable deals for myself and my investor partners) with a roadmap to acquire rental properties as finances permit.A lot of our deals are currently coming through organic search as I have a background in substantial traffic generation through search engine optimization and organic means.

Also, focus on 2 years of job/income stability.Class D Properties:Cashflow vs Appreciation: Typically, all cashflow with little, maybe even negative, relative rent & value appreciationVacancy Est: 20%+ should be used to cover nonpayment, evictions & damages.Tenant Pool: majority will have FICO scores under 560 (almost 30% probability of default), little to no good tradelines, lots of collections & chargeoffs, recent evictions.

Lots of other services are included at no cost (advice, doc review, debt collection letters, etc).