The reason for this is that it will make payment more reliable as there has been postal issues in the past.I suggested opening a Chase account as they own my mortgage as they accept photo images of checks which should streamline the process but he is resisting that and has indicated that if I don't do it his way, he will have to raise his fees.I can't help but feel uncomfortable with an arrangement where the property manager wants to deposit all of the rent money into his account as it takes a lot of control away from me and I have a mortgage to pay.

I'm sure a deposit box type arrangement can be arranged or they can always go in on a Saturday, pay their rent and make friendly with their local bankers.

Their apparent unwillingness or inability to offer financing or offer other arrangements effectively sealed the deal for me.

@Leo Harper If you plan to live in one unit for a year you can go FHA, ask for prepaid from seller; arrange to close to the beginning of month when rents are collected so you would get a larger proration; make sure security deposit are transferred to you along with any contingency money owed to tenants; if you are licensed real estate agent on your own deal you get a cut of commission etc.

You have no way of knowing what arrangements or payments the borrower made.  

As others have suggested, attend a local REIA meeting, network with other investors and see if they have any contractors who are accustomed to this type of arrangement who they might recommend.

Just thought I'd share an arrangement I came up with that my great tenants agreed to in exchange for letting them out of their leas a month early:Background - They are great tenants. 6 years.

Are there standard LLC Agreements covering this sort of arrangement?  

We will have to discuss more what we want to get out of our arrangement.

The IRS issued technical guidance detailing these items in Notice 2017-64.Highlights of Changes for 2018The contribution limit for employees who participate in 401(k), 403(b), most 457 plans, and the federal government’s Thrift Savings Plan is increased from $18,000 to $18,500.The income ranges for determining eligibility to make deductible contributions to traditional Individual Retirement Arrangements (IRAs), to contribute to Roth IRAs and to claim the saver’s credit all increased for 2018.Taxpayers can deduct contributions to a traditional IRA if they meet certain conditions.