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. 

I am new to RE investing, and hoping to tap the collective power of this awesome group in starting my RE journey. 

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.

. $550  / mth * 8 unit = $4,400 * 12 mths = $ 52,800 GRI  ****not $53,800****The formula for CAP = NOI/PriceNOI = [GRI - V&C loss + OI] - EXP  *****You did not subtract for expenses to arrive at NOI nor include a vacancy and collection factor****Assuming expenses are 50% and 100% occupancy (which 100% occ is not realistic all the time).

Either define a set period of time that you will serve as a manager for no cost and then collect xx% of revenue as a management fee before splitting profits.

Would 1st lien position and rights to collect the property if I default be considered skin in the game? 

We had always wanted a stick built home and we decided to take a leap of faith and make this home a rental.

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!

Have you ever had a pet cause more damage than the fees you've collected?