So I have been building the foundation for my real estate investing practice for about 6 weeks aggressively now mainly just learning but also taking massive action. 

should I just hire attorney and let them know if they don't pay accordingly to the contract, a legal action will be taken against them?

The key to success in business is taking massive action.

In any action against a landlord which involves his or her rental property, service of process upon the manager of the property or a person described in paragraph (a) of subsection 1 shall be deemed to be service upon the landlord.

I have been consuming BP podcast and all the real estate investing books but I keep coming to this stoping point of not having enough money.

It's a happy medium between PM company (who I have seen take up to 40%) and self-managing (which can become time-consuming if you don't have great systems and processes in place).

I have not tried this strategy myself, so maybe I'm speaking out of turn, but I feel this strategy should only be used if the property has been on market for a certian period or if it is not getting any action/notice what so ever. 

Small, consistent actions taken every day will create massive changes over the long run.The Japanese have a word for this.

Run the numbers, decide, take action.

A person for whose benefit the bond is written or his legal representative may bring an action in the district, common pleas or municipal court where the landlord resides or does business for collection on the bond.Bottom line, if the landlord obtains a bond, the funds can be co-mingled in the landlord’s general operations account, from which normal bills are paid.