I will be using local "handyman" type workers since the work is very simple and mostly hand labor. 

A simple will or living trust with an elder care attorney, along with durable powers of attorney for asset-management and healthcare will avoid a lot of headaches.

I'm trying to find a simple solution to putting the security deposits into a 4 separate savings accounts.

Would a simple PDF with a few before/after photos of the property and the most basic numbers be the best?

is it as simple as working into any bank and apply?

Simple courtesy would be used for the kitchen with maybe a chalkboard to notify the rest of the house if you need the kitchen in its entirety for a couple of hours. the bathroom situation you will have to figure out once you have your renters as everyone is going to be different and cant just hold it until their time.

Would it be wise to do a simple knock on the door and try see if the people occupying the house are tenants to the bank paying rent or if they are the previous owners playing hard ball.

@Ahmad Hijazi, @Jay Hinrichs, @Ben Leybovich I don't usually preach books, but Tony Robbins' "MONEY: Master the Game: 7 Simple Steps to Financial Freedom" has some interesting sections where he discusses the definition of "financial freedom".

It seems pretty simple, however, it does say that I need to have an office approved by the DMV. 

Renting vs buying.....I was thinking of purchasing a home that I could do some extra work to and turn, no major over-haul, something simple....I have done this several times and have done well (just not in the Fort Worth area).