I now have most of his "Rich Dad" collection now.

Get a proper proof of loss over to them asap so their timelines are activated.

And because you're in Texas, you should definitely branch out to Oklahoma.However, and this really isn't directed at you but rather those in states like California, I think that too frequently people focus on that too much to the point that they miss killer deals everywhere.I live in San Diego and sure, California seems to be tough, but I don't think it's nearly as tough as people think it is.For the most part, if landlords treat tenants in California fairly -- which every tenant should be treated fairly no matter where they live -- they're not going to face too many problems.Even at the height of COVID, it was the slumlords that were having trouble collecting rent.

The seller is friends with the tenants, so no background check was done and no security deposit was collected.

@JD Martin Hi, yes i delivered a lease and he signed but i have NOT collected his deposit or first month's  rent yet. 

In my state it is common for a listing agent to collect a portion of any deposit you retain for example 50%.

Hi all, I am curious to know what the BP community thinks about opening a separate bank account to collect tenant rent.

Appreciate any input I think you're making the worst mistake of your life, that you should probably learn a lot more before you even think about something like this, and that you are probably way out of your league with real estate and should stick to stamp collecting or seashell hunting.

This gives me 18 months of collecting rent to save for a down payment once I do a cash out refinance at the end of the term and give back the $150,000.

Most PMs handle collecting rent, evictions, advertising and placing tenants and maintenance and repairs.