The account would be strictly for our rentals. rental income deposited and rental expenses debited.

XXXX Rentals, LLCa.Tenants of XXXXX have pre-paid rents and security deposits held by this entity.

Everyone else on your team will be transaction-based and not really involved after a purchase.We're in the Metro Detroit area, so you may want to follow our blog here on BP, but at least read the following posts:How to “Screen a PMC Better than a Tenant”: https://www.biggerpockets.com/member-blogs/3094/91877-how-to-screen-a-pmc-better-than-a-tenant-part-1-services-and-processesIn our experience you will need to:1) Learn to "Maintain to the Neighborhood", not your personal standards2) Tenant-Proof everything you can Hard surface flooring, not carpeting (too easy to trash) Same basic paint for everything No garbage disposals for them to break Only spring-type doorstops also with plate on the wall Glue rubber mats under sinks to prevent water damage Sheet aluminum on walls around stovetops, for easy grease removal Towel racks - screw 1x3 to wall studs, then screw rack to that Install low-profile downspout ext, not aluminum that always disappear Plan on cleaning gutters and leaves up in the fall as tenants won't Avoid garage door openers3) Have a great application screening process: Check credit for evictions & convictions, utility collections Focus on employment/income stability Require bank or debit card statement - you'll be surprised what they spend their money on!

Prepaid Expenses: You may need to prepay property taxes, homeowner's insurance, and mortgage insurance (if applicable) for a certain period.7.

@Daniel PessinOnly two options I allow are preauthorized debit and etransfer.

Payment terms- autopay debit/credit card or Bank ACH.

. $8k is not too far off if you are factoring title, escrow, prepaids, taxes, and etc... 

You could even ask the owner if there are any warranties or prepaid replacement papers or guarantees.

Found out from the tenants in my unit that they have already pre paid gor their stay until the end of Dec

The buyer for closing costs, $400-$600, excluding any financing items, prepaid insurance, taxes, survey if desired.