Ive had my eye out on a few,havent made any calls yet,im really focusing on knowing what im talking about as far as the extensive terms involved with this bussines.

They can't do anything you can't do on your own (consolidate debts, negotiate settlements with items in collections, try to get interest rates down). 

But realize your only way out is to collect rents for a very long time to get your money back. these type of low value asset portfolios have little hope of selling for cash.. you could then piece meal off the properties until you get cash.. but I suspect there would be no equity to get.as the value for cash probably exceeds what he is paying for these.. its a rock and hard spot for owners of big low end asset cash flow portfolios and owner carry is usually the only way they can exit without STEEP discount for cash..

The 3 bedroom apts are collecting $1095 and $995 p/month.

Should we make a whole new bank account just to collect money from the properties instead of splitting it between us?

With performing notes (I could spend some time talking to you about how these are perfect for your SDIRA), you don't need a reserve in your account, you can use the full amount and collect 12% annually.For performing properties, I would suggest you start speaking with @Chris Erwin.  

If it was just my sis-in-law and me, it would prob. be less, but our other partner has an extensive track record of successful MF acquisition and management.  

Liz has extensive knowledge in financing, appraising, construction, marketing as well as her greatest attribute is creating systems to maximize time, quality and monetary constraints to ensure efficiencies on all levels.

Still collecting income , but none of the responsibilities of a landlord. 

When I'm inputting the monthly income, do I only put in the rent I'll collect from the one unit?