That being said it costs you nothing more or less to have it at the ready ... especially since all docs for the purchase need to be in the same name... the offer, the earnest money deposit check, the contract, &c.If going a different route, the purpose  of a legal entity is often for protection of other assets or for taxation issues.Take your pick among all; but first decide your course.Much success.Bob

They meet the prospective resident(s) at the property, run their checks on the first or what they feel is the best fit, collect a deposit, and sign the lease. 

Hey guys,How do you automate seller-finance payments so that they auto deduct from your account every month and auto-deposit into the seller’s account?

We're able to park idle funds/deposits on that balance and save interest cost.

Usually they keep up with market rent and there is more paperwork and inspections involved but that keeps your property up to par and direct deposit is nice.

I would ideally like them to direct deposit or I have also heard of using Zillow to manage my rental? 

Exeter 1031 deposits and holds client funds in separate, segregated, dual-signature Qualified Trust Accounts with Exeter Trust Company. 

This is still a convenience to the tenant because they don't have to go apply for gas and electric and pay deposits etc.

I am willing to deposit any up front fees with an independent, third party of my choosing, however would recommend against providing IMN or any other firm with the dollars.

When purchasing the property, there was no security deposit.