Should I get a separate bank account, is there an application, pick the money up or have them deposit it to an account??

I also need to find out what the best way is to go about collecting the payment online from the tenant, then direct depositing the amount after my fee into the owner's bank account.  

View report*This link comes directly from our calculators, based on information input by the member who posted.I think I found a decent deal in Ohio. 

I am a landlord in MA and recently had tenants move out and cause damages to my property (soot all over the walls + holes which required extensive cleaning, patching and re-painting).I did have a security deposit, but unfortunately, I was not aware of the very specific security deposit laws in MA. 

Your tenants can also transfer money directly into an operating account that your bank can "sweep" nightly if you want to eliminate risk. 

Make your offer contingent on proof the numbers are accurate ( if they acceot your offer ask them to provide T 12, rent rolls, utility bills, proof of deposit, Tax returns etc)As far as it being big enough that depends on your goals, what are you looking to accomplish and how will this building help you do that?

Are you requiring a non-refundable deposit- that goes towards purchase when they buy. 

Anyone that could point me in the right direction would be greatly appreciated.

In my market, a security deposit or cleaning fee on my rental would result in almost no bookings.Hop on craigslist and/or Zillow or call a local real estate agent to get data on actual long term rental prices others have paid or are currently offering in the area.

Our portfolio is finally passive but it took many years to get there.In today's market, generating lots of profitable deal is the time challenge for investors (not PM) and it takes networking, marketing, and direct to owner contact; so, we have pivoted to more passive investing with others who have full time staff dedicated to deal flow every day.