TIA Hey Sam, Those offers/rates are terrible.

I've read (all my knowledge is theoretical) that tenants on government assistance can be really rough on properties (I also see that as painting with a broad brush) but the government assistance side of that is pretty stable income, and it doesn't seem terribly difficult to raise rent either, just requires 60-days notice instead of 30. 

I know there are many pros and honestly in FL it's not terribly expensive.

Is it terrible to just open another savings account in our Ally Portfolio explicitly for rental income and leave the security deposit at a local institution?

This is fine for deductions, but it looks terrible in a loan application.  

Terrible policies like this and government overspending is what put us in the bad position we're in right now as a country 

I think this is a terrible practice pushed by a greedy society.

Even if it does turn out to be terrible I've burned way more than 49 dollars on way dumber stuff in real estate, that is for sure.editHe probably does not remember it, but years ago I reached out to him and he gave me some great advice on a niche form of real estate investing, which is why I am saying if it is good enough for him it should be good enough for me. 

Maybe think about a legal agreement outlining all these “what ifs.”Overall, it’s not a terrible idea (not something I would likely do as it could go sideways though), especially if you’re confident in the property’s potential.

Overall though it's not been anything too terribly challenging.