I've searched biggerpockets and i HAVE found some suggested online payment options but they all come with a suite of services i dont need.

If your rental agreement clearly states (and is legal in your jurisdiction to do so) that money received from the tenant will be applied to late fees before it is applied to rent, then you could notify the tenant that you received the money his parents paid on his behalf and you applied it to the late fee and then to rent and that $50 rent is still due.

I did some research online to see who should cover this and found mixed opinions.

That sounds good on the surface but what happens if the tenant legally breaks the lease?

The posts here about these 2 states varies from legal and illegal....Practically all deliverable inventory I currently see is in these 2 states. 

I am not allowed to give legal advice however, until you own it it's not your property.

Hello BP, I have worked my way through online excel courses (there are a few courses in total) for excel through Coursera for free.

Total Insurance Estimate $ 262.50 Current rent $ 800.00 $ 9,600.00 $ 10.40       $ 21.88 Less: vacancy allowance - 10% $ 40.00 $ 480.00         Net Rental Income $ 760.00 $ 9,120.00   Property Taxes 2.5264% $ 505.28 Plus: Other Income $ - $ -         Total Income $ 760.00 $ 9,120.00 $ 9.88                 EXPENSES         Property Management $ - $ -         Repairs & Maintenance $ 100.00 $ 1,200.00         HOA $ 250.00 $ 3,000.00         Advertising & Legal         Insurance $ 167.00 $ 2,004.00 $ 2.17         Total Expenses $ 517.00 $ 6,204.00 $ 6.72                 Net Operating Income (NOI) $ 243.00 $ 2,916.00                 Less Debt Service (PI) $155.06 $ 1,860.72 $ 2.02         Less Property Taxes $ 42.11 $ -                 Net Cashflow $ 45.83 $ 1,055.28                 Operating Expense Ratio 68.0% (Total Expenses/Total Income)               MORTGAGE INFO         Total Loan Amount $ 20,000         Type of Loan Seller Financed         Term (Months) 240         Interest Rate .07         Down Payment $ 2,000 10.00%         Monthly Payment (PITI) $155.06                 Purchase Price $ 75,000         Closing costs $ 3,000         Rehab $ 7,000         Total initial investment $ 85,000                 LTV 27% Loan Amount/Purchase Price         Cap Rate 4% Annual NOI/Price         Cash-on-Cash Return 146% Annual before-tax cash flow (i.e., NOI)/Down payment    

well, that needs to be legally disclosed.

Let's face it, bandit signs are not professional, and in most areas, they're not even legal.