The applications, screening, lease signing, and rent collection is all done there.

Some retain the late fees collected.

Let me know if you need the resource.Some people/HOA may try to collect to see what they can get away with. 

Theoretically, I should be able to collect the funds from the deal, should my family member decide to go through with the deal.

What if they have collections or judgments?

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.

They have to prove to any relatives and "legally" interested parties, (court, relative, creditors, etc) that all money was collected and all debts were paid.  

I do have an onsite manager that collects rents and shows the units for discounted rent.

I already have a Stessa account which can be connected with a bank account and has the benefits of collecting rent and keeping track of documents, receipts and transactions.

Just started using https://www.turbotenant.com/ it gives you a focal point to house documents, gives you a credit report and some other things but it's still your decision to make with the collected information.