Does their collective business occupy one of the spaces in the building? 

Just be aware that the city is underdeveloped and you might want to be extra careful when choosing tenants to make sure that you'll be collecting your rent every month. 

However, there are no actual renters portal or maintenance submission forms - rent collection is straightforward.

It's an investment into the property, and if/when they move out or even if they're there you can now add a traditional dryer to the property and collect additional rent.

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!

This isn't optimizing rev, sure.

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

I have no need for the rent collection or tenant screening as this is a function my property manager does for me.

I personally collect a security deposit and get the damage protection waiver for added protection.

do you even time to collect the rent ?