A good property management company will have solid systems in place for rent collection, and accounting (and everything else).

Or, you could just collect the commission yourself. 

Total rent being collected was $1700 which was way below market value.

I am actually rather impressed with not only what you've accomplished but your tenacity as well given the circumstances in your country.Given the requirements you've outlined in your post basically putting out capital expenditures of $15-$20k for furnishings just to get $700-$1000 in rent, have you considered attempting to sell these off and holding the money for a few months when your purchasing power would be increased?

Multiple payments creates more headache for you, and you risk collecting half the rent

I also live in NY and take weekend trips when I have to vet new tenants and have a local friend collect for me (not a great situation but a start) WWhen I'm not there or get checks mailed. 

Seems like there was some trickiness with the new data collection process.

Even if you verify that the dad makes plenty of money, if they suddenly decide to pack up and go home without telling you, you likely won't be able to collect a judgement anyway.You can ask for things like:- Passport, Visa- Verification of their enrollment in the school- Local ID like DL- Pay stub from DadAnd do your own digging.That being said, a lot of my friends are either landlords to Chinese student renters or are themselves Chinese student renters and they seem to all be happy with the arrangement.  

Tenants further waive any subrogation claim any of their insurers may have for collection of any losses paid to the Tenants.Finally, in further consideration of Landlord foregoing the installation of a keyed dead bolt device on the back door of the dwelling and for consenting to the Tenants installing a “doggy door” in the back door of the dwelling at the Tenant’s own cost, Tenants hereby agree to indemnify Landlord, its successors, agents and assigns for any and all claims, causes of action and damages which could be or are brought against Landlord, its successors, agents or assigns which are in any way related to the keyed dead bolt device on the back door of the dwelling not being installed or the installation of “doggy door” in the back door of the dwelling.Tenants shall provide Landlord proof of payment in full for the installation of the “doggy door” in the back door of the dwelling.Add a signature line and date – remember the lease should be entered into with the LLC as the landlord. 

In these cases it's recommended to view the entire property as an investment (as if it was fully occupied by tenants) run your numbers, and then just happen to live in one of the units instead of collecting rent.