Open a bank account in the name of the LLC - Use chase and get a free checking account, 2.0% interest earning savings account and debit card.

Plus it’s liquid and comes with a debit card and sometimes a checkbook.

You need to be clear that Tenant deposits, prepaid rent, lease agreements, original applications, move-in checklists, spare keys, and everything else transfers to you at closing.The leases remain in effect until expiration, even with the transer of ownership.

The tenants pay with their credit/debit card or e-check, and we don't even get the financial info.

I wanted to jump in and clarify that Cozy charges tenants 2.75% on each credit or debit card payment.

Obviously, I want to take out as much as possible, but seems like there's not much wiggle room.One thing that may give it a tiny bit of wiggle room is this section, taken out from Fannie Mae website:The new loan amount can be no more than the actual documented amount of the borrower's initial investment in purchasing the property plus the financing of closing costs, prepaid fees, and points on the new mortgage loan (subject to the maximum LTV, CLTV, and HCLTV ratios for the cash-out transaction based on the current appraised value).So if I spend 10K or something to buy down points to like 2%...

We never use Banks and operate without debit.

You'll also be responsible for some prepaids (insurance, property taxes, and prepaid interest).

I prepaid an annual Builder's Risk Policy with Luray Insurance.

So if I am understanding correctly, it'd basically be almost like a typical rental agreement PLUS the option, with them making a "pre-paid" down payment.