Baselane is a banking, bookkeeping, and rent collection tool/service.

For your existing primary, you will need to have it leased with the security deposit and first month's rent collected.

There is a high probability that every dollar you collect in rent will cover every dollar of future expenses. 2. there is a high probability that due to location and price, there will be demand in the future for this property, so it will increase in value.Good luck to you as you get started.

My research guided me to form an LLC to hold the properties during repair/rehab (I am buying properties that need major fixing) and move them to another LLC where I will be collecting rent. 

I inquired about the possibility of a two-company structure: A traditional LLC that is the public face of the activities (collecting rents, paying contractors, etc.) and managing the Series LLC with each property in once cell in it (in this case, Series LLC is serving as a holding role).Again, one attorney said that would be much better than a standalone LLC and that is recommended approach, and the other said it is waste of time and money since there are some requirements from Texas Real Estate Commission, which is requiring being a licensed broker in the state to operate in the managing LLC.So, just want to hear what other Texas investors are doing when it comes to series LLCs regarding these issues. 

In addition you can use it to collect initial security deposits or to bill the tenant for addition items such as billed back utilities, damages, etc.

Once you know your goals and investing time horizon, the optimal choice will appear much more clear! 

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If you were entitled to those lawyer's costs your lawyer would have asked for them in the lawsuit because a judgement gives you the most ability to potentially collect that money back from the tenant. 

Most of what they recommend only makes sense from an operational standpoint if you are a larger investor and have a team to help you manage everything.Also, ensure your REI-savvy tax pro and your REI-savvy attorney link up during the entity structure creation process so things are optimal on all sides.Just something to keep in mind as you're beginning this journey.