I will still collect a W2 from the business (I’m still an employee) as well as K1 for a percentage of profit.  

Only one bank account needed, but you'd have to track income & expenses to do transfer and year-end accounting.As @Nathan Gesner mentioned, not really worth it.You two could also open a joint bank account for collecting rent and pay expenses, just be sure to track everything.Do NOT do what @Paul De Luca stated about transferring title!

We (collectively, I speak for all of the mods here) would rather keep the active and engaged threads clean if given a choice.3.

The collections agency we use currently says that without an application they can't do anything.

Even smaller chance you recoup expenses via collections.

I collect true financials from every seller or agent I work with that is willing to share them & all of the websites tend to dramatically underestimate in these areas..

Highly recommend you have stripe with rental agreement where you collect identification, selfie, credit card info, and e-signature.

I used furnished finder and keycheck to find tenants, screen them, and collect rent/security deposits. 

You can fairly collect some form of compensation for being the managing member.

Check this out to learn how to intervene before collections become an eviction issue. https://www.padsplit.com/help/article/how-can-i-prevent-a-me...