Just compare costs and the administrative differences. 

Starting an S corp now will just increase your administrative burden and tax prep fees. 

The fee they pay covers the administrative costs of updating leases and tenant ledgers as well as re-keying the property, to ensure the departed roommate does not have access to the unit once the termination goes into effect.  

We're not looking for a bank to be the administrator, but simply hold our trust account.

I have multiple mortgages, banking accounts, credit cards, brokerage accounts, crypto currency accounts, crowd funding accounts, employee 401k, self directed ira, employee stock plan administrator, shares in a small-town bank, I feel like I could go forever.

If you're tech savvy you can probably set up a WordPress site where they can fill out a simple form for basic screening, which will still require work but is more effective than responding to every single email.The other option is to list on the MLS, which will have agents bringing you their clients. 

(Especially in a Trump administration where wild cards are everywhere). 

Regardless of this, you must "manage the servicer" of the note as well as complete all business administration tasks as Chris noted above.  

I do not like this program because... we still have the administrative task of following up to make sure the tenant does in fact put utilities in their name and sometimes the forget! 

-Ability to read and understand most contracts and financial documentsWhat I need:-Money to fund deals likely 400k-1.2 million for first acquisition-Multifamily Experience for the loan and to make raising the money easier (probable possible without, but much better with)-Net worth and Liquidity requirements to qualify for the loan-Experience in turning around a value add in 12-18 months successfully -Experience in Underwriting deals and due diligence-People who are very good at organizing and systematizing-People who excel at operations and administration-People who have a great understanding of construction and contractors (Boots on the ground is a huge plus)All honest feedback is greatly appreciated.Thank you!