I have to read the handbook on landlord-tenant laws before I do anything and just to be safe call the Rent Board, like my recent rent increase with lease renewal. 

Look online to see if any properties are being offered for sale or rent with a legal basement unit and you may get a tip off.

This is not something you will get online you need an attorney to draft documents and it is just a matter of whether you draft them or their attorney drafts them

Does anyone have any good options that are safe and won't break the bank?

Send a letter giving them your/pm's contact and a detailed explanation on how to pay the rent (Helpful with older residents if you are going from check to online billing.

As mentioned already, there are lots of great property management apps out there that have online rent collection features.

I agree with the above that Quickbooks Online (QBO) will work for you.

She does not have an on line mangement system though just sends a check each month with a little ledger of expenses.I have a client that runs a larger company and they do a nice job at least on all the deals I have done for them as a capital partner when I do the draws and look at my before and afters they do some really nice work in a timely fashion

IMO, this combination of lower NOI growth and increasing interest rates will not only cause cap rates to expand / values to decline... it will also make it more difficult for owners to refinance, even out of "safe" long term fixed rate permanent debt.Personally I would not want to own leveraged multifamily assets now for this reason.  

I also did some investigating online and see the renter has a tendency not to hold down a job.I offered asking price (fair market) because it was the sellers bottom line and the fact there were already tenants renting.