., process the incoming money from investors, track capital accounts, handle all the distributions, do tax returns, wind down the fund, etc.)?

Tenants can pay rent online as well as check their account history and balance depending on what you give them for permissions.

And I am establishing a business checking account in the next couple of weeks. 

I also went to SCSU, but for accounting.

To answer your question,1) let me know if this is what you were trying to achieve.The easiest and simplest way to do this is:  - have each property(or few more depending on your risk threshold and situation such as different LLC for different State) under one LLC and have a rental contract for houses under the same LLC, keep a separate bank account and book for this LLC. and repeat the same with other LLCs. 

I'd love a delayed,  interest only deal to account for rehab time.

If the property suits our management style, we would then take over tenant communication and accounts receivables.

I had tenants sign a credit authorization form, sent an invoice each month and used my Square account which direct deposited into my account within 24 hrs

Originally posted by Account Closed:it looks like there is less then a$1000 of minor repairs Why was the water heater not on?

He must be talking to a few different buyers & fishing for a price.A $200k rehab budget seems rather high, even when accounting for local labor costs and assuming a 3/2 conversion.