I am under contract with a 3 family multi unit in New York with FHA loan 3.5down deposit property cost is 1mil.

At years end I will be forming an LLC and creating new contracts with the owners under the newly formed LLC.My plan is to just have 1 LLC entity manage all the properties, with an operations bank account, and savings bank accounts for each security deposit we take in.

The administrator needs to understand that they are responsible for the rent payments, not you responsible for hunting them down.If you're leery about the setup, consider doing a large deposit and a shorter fixed-term on your lease.

I do not intend on transferring the property ownership to the LLC, however, wanted to get you guys’ input on whether an LLC is beneficial for business operations (i.e. bank account for income and expense, direct deposit for rent from house hacking, etc.)?

Or can I request ACH deposits only.

How do I charge (keep from deposit) the amount of time it took me to complete repairs after the tenant leaves.

We allowed the property to sit empty for 5 months with a security deposit and signed lease for a 2-year term at above market rental prices.

Security Deposits.

Many, many times I've used existing deposits that seller is supposed to give to me as part or all of a DP.

Tenant... signed lease in December paid deposit.