So personal preference and your goals. 

Even personally holding the discussions with the tenants potentially damages YOUR outcome.Landlord Representation in SF

I am currently not in the US and won't be able to see the house in person.

I have been told $500 is a standard fee

If not - fly there and meet a bunch of PMs in person.

Yes, I'm mostly purchasing under my personal name.

I've purchased two properties personally utilizing seller financing and represented at least a handful of buyers acquire properties with private mortgages over the past five years including friends and family members.

The interest rates are competitive across the board, it's not going to come down to that for most buyers.National Bank: This is the 'standard,' the 'baseline,' what most people do. 5 year prepayment penalty is slightly unfortunate, as many pontificators say rates will be dropping "soon," and it may make refinancing a little more painful.

Tennessee doesn’t have personal income tax but if we create an LLC we would have to pay state income tax.

Be thankful they are taking this step on their own to ensure they don't get behind and stick you with unpaid rent.I'm sure how much they may be approved for varies on a case-by-case basis, but I have tenants who have paid the full rent for multiple months through COVID rental assistance.Your role is limited, and in my personal experience requires just a bit of information on the balance due and a signature.