In theory you could get 10 SFHs for $100k each, using your 250 as 25% down, and if those houses collectively met the 1% rule you'd be clearing somewhere around $4k (10 $75k mortgages+tax+insurance ~ $6k/monthly), but that's also a tall order right now.

@Matt Teegarden so what you're missing is the fact that, based on the financials, this property had significant vacancy in the past year and also had collections issues.You can't cap an unstabilized NOI.

Some companies charge a fee no matter if they collect rent or not (usually a lower flat fee) and some (I think most) charge a % based on what they collected.  

(Not legal advice; just relaying my own experiences & understandings)When a borrower files a Ch 7 or Ch 13 bankruptcy, there is an automatic stay against all creditors from collecting on the filer's debts.

I just purchased my first rental property and I'm not to sure what website or app would be best to collect and keep record of rent payments.

Also note that a lot of states limit what you can collect up front so be sure this is allowed in your state.  

I've just signed up with https://www.sperlongadata.com     For up to 30 houses, or so, they charge something like 25 a month and 1 dollar a month per tenant.Their pitch is that you can go back 6 year and 11 months to collect old debt as well a do monthly reporting.  

Before I jump in to this investment property journey, I’m curious to learn how you set up business expenses, rent collection, update costs, etc organized so it’s easy for tax time and analysis.are there programs or systems you swear by?

I'd rather not have to physically collect rent. 

I have no salaried job, and live in expensive markets which collectively likely negate a property being my residence.