I just feel blindsided by the amount of the fees as I knew there were going to be fees, but didn't do my due diligence to confirm the amounts, prior. 

My wife is a designer, so our flips are of higher caliber than many I see.  

I'd probably try something like 'Hi Tenant, received your latest rent check which came from 'On behalf of Tenant' and wanted to confirm you were aware 'On behalf of Tenant' is paying your rent?  

@Mike ReynoldsAny property to cash out many conventional lenders want 6 months - condos also need to review condo docs etc to confirm it can be financed.

This means tenants would have to put the water and sewer bill in their name and then send you confirmation that they did so?

Well, they are still booked out but after confirming with title, that shouldn't hold up the closing.

I just need help confirming the logistics: Jan. 1st: rent is dueJan. 5th: last day of grace periodJan. 6th: 3-day pay or vacate notice serviced and mailed??

It also may not be tax efficient to do this and you may be better off creating a transfer of death designation (if your state law allows it for real estate) or placing the property in a revocable living trust.

We are moving forward with our next project- a 48 unit condo development designed as a build for rent.

The answers are quick but you must ask the right people, ask a lot of people then compare and confirm for yourself afterwards.