Upon closing, engage a licensed loan servicer to collect borrower payments, make payments to your lender, deposit the difference each month to your account, issue tax reporting, and ensure general legal compliance. 

A $900 closing extension?

If you wanted you could collect a payback for doing it.

If you can't rely on the consistency and predicatbility of rent collections in some of these areas and the properties are not manageable, the cap rate calculation is virtually useless.All of our properties are rented on 1 year leases.  

Buy the house w/ a friend so that you can collectively afford more and split everything.It's good to know how much you can afford before doing anything though.

If they collected the rent you will be prorated for the amount of days in the month you will own the property.

I talked to another investor who experienced this as well, at the same bank.I have a couple questions: 1) Why and how can a bank collect more than what is owed to them in an event of foreclosure and 2) does this inflated amount recorded on the mortgage lock me out from accessing the equity in the property, if for example I'd like to add a 2nd lien, cross-collateralize the equity or cash out refi someday?

What software did you decided on to handle the rent collection and accounting of the storage units if you don't mind my asking?

Typically management is about 4% of gross collected annual revenue and sometimes 5%.

No problem, here are numbers off the top of my head that I think are applicable.Address: 1823 Madison Way, Lynnwood WA 98087Purchase price - $583,000 (May 26 2021)Down payment - 10%Interest rate - 2.9% - 30 yearMortgage payment - $2800Rent collected from tenant - $2,000Stock Portfolio Line of Credit -$133,000Interest rate on line of credit - 4% (not a fixed rate and no fixed payment schedule)Last month my real estate agent ran some numbers and comps and thought $750,000 was what it might appraise for if we re-financed.