As in, if a bank will loan me money at 4% over a 30 year period, I will take every penny I can get and invest it in....well, lots of things.

@Blake Edwards  It's certainly illegal here in MA, plus there's a whole list of laws you have to follow with deposits, including disclosing the bank where the deposit is held and paying any interest earned to the tenant.I'd check CA laws, but it's unlikely that you can do what you're proposing.

Find a collection attorney / agency who will be able to track the person down and find out where they are employed and what bank they use.

If you're doing all of the accounting and recordkeeping for the properties and giving the CPA good Income and Expense records, this level of fee is pretty high, in my opinion.I might charge something like that only if you were handing me a shoebox, 20 bank accounts statements for the year and incredibly messy recordkeeping.

I use any rental income to pay for utilities, business expenses pertaining to the house, etc.I plan to open a new bank account for the Philly house for expenses/income but can it be the bank I use here, or has to have a Philly location? 

get a real estate license and list them.. your doing a ton of work and bringing a product to market that wont sell through wholesale channels.. that's a huge waste of your time money and energy if you good at helping sellers.. get listings listings are money in the bank in many areas these days.. and its a career that you can do for a lifetime.. 

So glad you've already plugged into the Bigger Pockets podcast - that was a huge source of education for me when I first started.If you haven't already, I would recommend finding a real estate agent that you trust, and also start talking to lenders (banks, mortgage brokers, credit unions, etc.)

I was told the banks usually don't notify these entities during the payoff process.

My problem has been finding good contractors that don't break the bank. 

I met with a local bank that has commercial rental loans on a prime rate + 0.75% on a 5 yr fixed, 15% down, and amortized over 25 yrs.