You are required by law to send  1099 to the government, and to the vendors if you have payments of $600 or more in a calendar year. 

Or does your financing terms require you to do something else (which is why we need to ask question #2).Maybe the original poster will respond as well but those are the 4 items I would tell you to uncover.  

You should require the new person to apply, pass your screening, and sign the lease.

Here’s how you can stay informed and ensure your rental properties meet all legal requirements.1.

.- If you decide to have an LLC for each property, creating a Management LLC that all the other LLCs "hire" to run their books, will allow you to only require a bank accont for the Management LLC.2) You may not be able to do a Trust.

It is much more difficult to sell an entire portfolio that has become uninsurable (which would require a cash only sale) or that insurance rates are so high that no one wants to buy. 

For house-flippers, which social media channels would you recommend?

If you want to manage your own properties, I would highly recommend buying within an hour of your primary.

Or I would recommend looking at out of state investing. 

Syndications are great for truly passive income, offering tax benefits and diversification, but require high minimum investments and long-term commitments.