Very common for people to group together to meet all the requirements.If you PM me I can send you a list of resources (books, podcasts, white papers ect) that have been useful to me in learning about the apartment business.Cheers

Typically it is illegal, or very difficult to collect interest on security deposits.

All of this is to say, Ive been investing time and resources into my financial IQ as “Rich Dad” would put it and found BP.

I'm using various books, online resources and the Bigger Pockets podcast (half way done!) 

I'm wondering the best way to handle applications and collection of application fees, as well as selecting the most qualified tenant.

After getting under contract, it was brought to our attention after requesting copies of the leases that the current owner did not put the tenants under a physical contract, nor did he collect security deposits.

What am amazing resource.  

Collect rent. 

There are tremendous resources on this site for you to use.Attend local REIA meetings and connect with like-minded investors: https://www.biggerpockets.com/forums/521-events-and-happeningsRead the Beginner’s Guide: http://www.biggerpockets.com/real-estate-investingListen to the BP Podcasts:https://www.biggerpockets.com/podcast

I can collect/screen tenants via Cozy.co.