For the most part all you do is monitor your bank account.  

All you need is a single place to track tenant information, payment history, maintenance, and other things.

@Hansen TongI recommend finding an accountant that specializes in real estate taxation.

There are some accountants out there who say that the very act of doing a 1031 exchange is an attempt to avoid tax and so a 1031 purchase from a related party is a non-starter. 

No MTR tenant wants to open an utilities account in their name for a few months.

I am now under the suspicion that their friend, the one who is still living at the property, is the one who created separate accounts for all three of them and did the signing for each individual who is under this lease agreement. 

Which is also one of the 3 fundamental needs of a business most often (customers, product/service, place of operation). 

That path does not end up in a good place. 

Hey @Thu Pham, gratz on the new place!

In some places there are a few days grace period to allow for rent that is sent via mail (which I don't get because if it is due on the 1st, plan ahead).