From what I can tell, most property managers are using ACH.  

They issue new cards, maybe a new account number, and life goes on..I also like when we get a NSF check or reversed ACH transfer and the reversal email specifically tells us NSF...  

It's the little things that cause head aches like the disposal and ice maker that I want to avoid.

. - We helped the client with an action plan to streamline their process, put audit trail in place, create a workflow, implemented a procedure where each employee was delegated one step of the process (without the other person knowing that they were been internally audited), and customizing reports and in the end we were hired in being a part time CFO- They still accept cash, barter, money order, ACH, credit card no Bitcon yet.

I'm assuming an ACH did not go through.

I plan on allowing ACH payments or deposits directly into my account which is 1-1/2 miles from the property.Any feedback on my entire process is greatly appreciated!

When gold was around 2k/ oz and the massive bonuses were flowing, it was not uncommon to see brand new 60K pickups, rebooted muscle cars and Harley's parked in front of stereotypical single-wides (1970's metal shells, cinder block foundations, etc.).

They usually want some automation though, so if you can provide an easy way for the parents to pay (online or automated ACH) that's going to help you attract the good ones.College students will have less than stellar (if any) credit.  

They have HUGE jaw muscles.

I'd try to get them to do an immediate posting service so for a buck or two they get a draft ACH to me that posts the same day they do it.