You need it to be a great deal and be very very quick on your rehab to make those numbers work.Another solution is to stay in your current home a year, then turn it into a rental and buy another house that needs work with a owner occupied rehab loans. 

But unless you are running flat rate prices and never updating photos, descriptions, messages, guest books, etc, this seems like a greater than $0 cost without a PMS solution.

This is my first REI property, so I'm trying to find cost effective solutions to this matter.

That being said, with today's partisanship, that would be a complete trainwreck so there doesn't really seem to be a good solution. 

It seems like become Broker MLS-Only might be a solutions (getting MLS and lockbox)?

The price tag on this archaeological excavation was enough to make you want to dig your own grave right there.Eventually, we worked out a solution, which included selling the parcel and providing the buyer with a credit and putting the onus on them.

You can install water meters (not city ones) that can monitor the water usage but the record keeping and calculations can be a pain.

At that point, it's worth researching and finding a solution that better meets your needs. 

I’m here to help with both insights and financing solutions!

@Shun Williams S8 is a tool, not a magical solution to tenant payment issues.You must understand that you are swapping one set of problems for another set.