I upgraded to the gold version which allows me to include a lot of automation features.

There are platforms (one, in particular, I can think of) that will help you bring a certain level of automation to that rental management process (ie. automatically syndicating a single listing to 10+ major listing sites, thorough tenant screening with full background checks, digital lease creation, automated online rent collection, and maintenance tracking - all from within your account).

Assuming you can automate showings.

It's free, automated, easier for you (no checks to cash), safer for the tenant (no checks to get lost in the mail), and it would create a record that would function just like a receipt. 

Once you do decide to procure your first rental, definitely lean on the BiggerPockets community as a resource; I'll also say that it could be worth considering a shot at a software solution built for DIY landlords (1 - 15 units) to bring some automation to the rental management process (just to make things much much easier for you)!

I like to use online rent collection and automate late fees so it would be inconvenient to have a tenant who was unwilling to pay this way (although I do always give a second method to pay, so it's not the end of the world).

I have another managing broker friend here in Chicago, that has automated a lot of the data using info sparks for all the major Chicago neighborhoods...... may be something to consider if you aren't already doing that for specific areas you are working in.

My current job is a controls engineer at an custom automation company. 

Key word is reasonably, because they all use what is called Automated Valuation  to arrive at their values. 

If lower we can do this case by case with larger down payment20% down typically required, case by case with lower credit score 25% to 30% requiredBest rate is with 25% downBorrower’s will need liquid reserves if they own multiple properties, there is not an exact formula it is determined through our automated underwriting systemNO B/K, Deed in Lieu, Foreclosure, Foreclosure proceedings started, or Short Sale in the past 7 years for investors or primary residence borrowers."