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

(I actually laughed when I first learned this.)10% property management fee (With separate charges for new leases, repair management, and rent collection—what exactly does this cover?)

If you’re taking deposits, you can collect them through the same platform or even through PayPal.

It has a full studio casita out back that will be an LTR.I plan on buying 3 or 4 investment properties this year after I learn more on the co-living marketing and rent collection side of things.

Perhaps if your partner was a general contractor or handyman type there may be some merit there to reduce costs / increase profitability.If your partner enjoys deal sourcing, a better move might be for him to become an agent - so he could legally collect commissions from finding deals and managing properties for multiple people. 

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.

But I wanted to collect some recommendations in the meantime. 

Ensure you collect a proper security deposit (typically one month's rent in Florida) to cover potential damages.Your plan to increase rent next year makes sense given rising costs (taxes, insurance, and maintenance).

And what if the one person you didn't check has a criminal background, has collections, and more?

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.