Even smaller chance you recoup expenses via collections.

When you first start out you will likely be less sophisticated regarding deals that you will actually pursue so my best advice is to not become a tire kicker who looks at everything and then never closes deals.

I collect true financials from every seller or agent I work with that is willing to share them & all of the websites tend to dramatically underestimate in these areas..

I used furnished finder and keycheck to find tenants, screen them, and collect rent/security deposits. 

Only one bank account needed, but you'd have to track income & expenses to do transfer and year-end accounting.As @Nathan Gesner mentioned, not really worth it.You two could also open a joint bank account for collecting rent and pay expenses, just be sure to track everything.Do NOT do what @Paul De Luca stated about transferring title!

The collections agency we use currently says that without an application they can't do anything.

Highly recommend you have stripe with rental agreement where you collect identification, selfie, credit card info, and e-signature.

You can fairly collect some form of compensation for being the managing member.

Check this out to learn how to intervene before collections become an eviction issue. https://www.padsplit.com/help/article/how-can-i-prevent-a-me...

You will need their ID if things go sideways and you need to put them into collections.