Alternatively, you transfer the $1,000 rent to mgt company which records it as revenue, just like you would.

They then informed me that I could either move forward with the management services, with a nominal discount of $110 for the error, or revert to the Lease Only Option and have the lease transferred to me without any security deposit, as none was collected by the property manager.This mistake has left me in a difficult position.

These services are transferring live owners who have agreed to a certain % of the zestimate. 

Or the buyer could just miss a notice that the loan has been transferred to a new loan servicing company (as they do, loan servicing companies are terrible IME), and miss some payments by accident, again negatively affecting your credit.

@Jonathan GreeneGreat feedback and agreeThe best type of post that is a question outlines the situation, what research you have done and ask for confirmation or further direction.The “what’s the best state to invest in”, “should rent or sell my home (with no other context) and the infamous transfer my property into a LLC - I wish BP could have AI charge people for asking those questions.

I think having a partner is a better option.The collections is from 5 years ago, however, its been transferred from collection agency to collection agency and the last one reported it to all the credit bureaus last month.

We are considering transferring the title of our new rental into an LLC partnership.

Then if you want LLC as asset protection, you have to transfer the property to the LLC to hold the title.

I've been mostly torn on this issue, which is why I haven't transferred it out of my name yet.

Is it recommended to have a separate checking account for this or we can get it transferred to our personal checking account?