The information you collect and distribute are in your hands.

I agree with following your lease, but you can't charge someone to live there and collect rent from another tenant for the same time period.

Upon closing, engage a licensed loan servicer to collect borrower payments, make payments to your lender, deposit the difference each month to your account, issue tax reporting, and ensure general legal compliance. 

If you wanted you could collect a payback for doing it.

If you can't rely on the consistency and predicatbility of rent collections in some of these areas and the properties are not manageable, the cap rate calculation is virtually useless.All of our properties are rented on 1 year leases.  

Buy the house w/ a friend so that you can collectively afford more and split everything.It's good to know how much you can afford before doing anything though.

If they collected the rent you will be prorated for the amount of days in the month you will own the property.

I talked to another investor who experienced this as well, at the same bank.I have a couple questions: 1) Why and how can a bank collect more than what is owed to them in an event of foreclosure and 2) does this inflated amount recorded on the mortgage lock me out from accessing the equity in the property, if for example I'd like to add a 2nd lien, cross-collateralize the equity or cash out refi someday?

What software did you decided on to handle the rent collection and accounting of the storage units if you don't mind my asking?

Typically management is about 4% of gross collected annual revenue and sometimes 5%.