I finally understand that credit card payments are exempt from needing to send 1099's.

There's no reason to provide details, though I do let people know if anyone asks that we do not accept bulk up-front rent payments or anything like that because I absolutely do not want a prospective tenant to think that someone else swooped in with a bunch of cash last minute.

However if you have enough reserves, 6mo or greater then I'd say chance it but a couple of missed payments from the tenants and you have to foot the payments out of your own pocket.I'm all for taking risks but I think you really need to evaluate the age of the major systems so you don't get hit with a bunch of cap ex all at once as well as your reserves. 

Then the rents would cover that payment plus the mortgage with cash left over.

This is eerily similar to the unsecured loans I've made and haven't seen a payment on in over two years.

The maximum fixed-rate period seems to be seven years, and there is generally a balloon payment at 10 or 15 years.

And people think Ai is going to replace accountants.one can argue that apartments.com is just a processing the payment and not actually holding the funds to transfer out.If apartments.com all of a sudden reverses the payment for insufficient funds?

I really don't have the $23k down payment I'd need for a DSCR, and Texas wont let me HELOC the equity out of my other rentals. 

Instead of moving into another single-family home, consider house hacking a duplex or triplex, this allows you to use low down payment loans (FHA, conventional) and offset your mortgage with rental income, accelerating your path to financial freedom.

What kind of account or vehicle would you suggest to start saving down payment money for my first rental property?