It can be a separate checking or savings but just make sure to have a "holding" account where only security deposits are held for your sanity.I won't speak to liability since I'm not a property manager, attorney, etc. 

----------------------------------------------------------------------------------------------Recommend you first figure out the property Class you want to invest in, THEN figure out the corresponding location to invest in.Property Class will typically dictate the Class of tenant you get, which greatly IMPACTS rental income stability and property maintenance/damage by tenants.If you apply Class A assumptions to a Class B or C purchase, your expectations won’t be met and it may be a financial disaster.If you buy/renovate a property in Class D area to Class A standards, what quality of tenant will you get?

@Kevin CollinsIt was great speaking with you today!  

I don't know how difficult of a task this would be, but suspect it would make for better quality forum content. 

Every customer is assigned to a group of team members there and I imagine each team varies slightly in quality given the human element!

I have tried speaking with a few attorneys but haven’t gotten to far.

One capex issue or tenant turnover is going to eat up years of "cashflow".I would advise you to work on getting a smaller number of high quality units rather than scaling to 20.

Look, @James Wise is arguably the "King" in this segment your speaking of and he's not gonna pump sunshine up your tailpipe saying it's all roses and fairy-farts.     

I’ve heard him speak briefly about this on a podcast or two and am signed up to attend a webinar with them later this week.

However, a different niche such as insurance placements, might very well be in the 70%~ occupancy level but the rents are going to be so much higher that the occupancy rate (comparatively speaking) is irrelevant.