When you BRRRR, then you are keeping the property and collecting residual passive income (if done correctly).

Cozy.co is what I use to collect rent and bill tenants for any maintenance issues (not due to general wear and tear).You can also use it to track maintenance requests, screen tenants, have them record insurance policies, etc.Did I mention it was free?

Or, in the case of a rental property, your mortgage payment could end up being more than you're able to collect in rent if rental rates decrease.

If you buy in a nice part of Chicago it's pretty easy to self manage after you move out using services such as Cozy for rent collection (it's what I use and automates the rent collection). 

I just don't understand why he would allow payments to go to collections.

Ideally, the property will be complete in 2-4 years at which I'll just sound the contract and collect whatever appreciation occurred over that time.

I spent hours collecting the data.

(smh) (a) No person shall engage in the business of debt collection in this state without first obtaining a license pursuant to this division.

In 7 years, he will collect $185k-$210k in gross rents (excluding any increase in rental rents over that 7 year term).

I would imagine that with smaller properties a set monthly fee instead of a percentage of gross income collected could be the language in the contract.