Keep in mind that tenant screening, regular property maintenance, and understanding the inspection requirements for Section 8 are crucial for success.

In other words, I already have a checking and savings with BoA, but I would create a 2nd savings account (within my regular account) and put all the rental properties last months and security into that account (combined).Is this the correct way to prevent co-mingling of funds, or what would you recommend?

That saves the homes that are already in existence and provides residents with the ability to remain independent in their own homes, free from the stress and resultant health and mental problems that accompany the constant threat of eviction.  

They claim it is a triplex (two regular units and an "efficiency unit".

Then you get a servicing company involved to service both loans to make sure they get paid.The buyer in a wrap mortgage is just as protected as a buyer in a regular mortgage.

I also am in the industry already so I have a few regular networking groups and events that I attend.

Our mortgage brokerage works with real estate investors all across the country who face these same decisions regularly.

Trying to read between the lines it sounds like you have a regular owner occupied homeowners policy in place on a rental property. 

They have no ****ing idea.Your $500k salary likely has a 401k, health, vision, dental, etc.

The person I want to invest with is able to accumulate cash, in their personal life, on a regular basis, and is not, over the course of many years, blocked by one barrier or another from this accumulation.