We set a closing date for October 22nd so it's fast approaching.  

@Anthony Wick I’m setting up a similar LLC this week and I will manage.

I set an appt to go by and check it out get some pictures on Wednesday.

You probably don't have the team to deal with this property and it won't be easy to find a good GC in mid-October all set to manage a project of this size.

I would recommend setting up a separate bank account for the rental property (even under your name) and use that exclusively for business transactions.

In the past, I have adjusted the due date, set up 1099 type tenants on a quarterly payment schedule, requested (and received) 2-3 months rent in advance, sold the property via lease/option, etc.I get that the norm is rent due by the 1st, late fee accrues on the 6th, but this tenant's situation apparently doesn't fall into the normal category, so ask the question, then evaluate whether you can live with (and accommodate) the answer.Good luck!

If you have an interest in the Hamilton, K-W-C , Barrie, Toronto West, or general GTA commercial/multi-family residential, then I have people to recommend as I've researched local agents for people I have been helping with their start in real estate investing.If you do start to invest in the Scarborough to Durham corridor, I have a set of trusted trades that I use and am happy to share because giving them more business helps me.I can relate to your being a securities investor first who is now looking into real estate. 

This realtor has already set me up with automatic emails for new properties put on the market through his access to the MLS.

Any recommendations for banks with low fees/complicated setups (setting up a Wells business bank account was basically hell) etc?

As long as each parcel meets minimum zoning requirements (size, set backs, electric/water, etc.) then it's not a terrible way to do it.