Personal Checking Acct for rental property

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I'd like to setup a checking account that I could send my rent checks to through PayPal, setup my mortgage to auto draft from, and have a debit card for home depot trips and other expenses.

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Set up an account ONLY for the purpose of your rental income and expenses. Nothing else. Online accounts should be fine, but not sure why you'd want to use Paypal for anything related to this. You'll lose money on their fees regularly. Best thing to do is use a bank with a good mobile app who will allow more than $1,000 for a mobile deposit. Otherwise, pick a good local bank.

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I bank with chase and could open a second checking, but there will likely be times where I do not meet the 1500 balance to keep the account without any fees.

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Personally, I'd never use a big bank for much of anything, but almost certainly not if you're not going to meet minimums.

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Margin isn't huge, and it's not a big money maker early on. $973 mortgage, $1250 rent. Got a $1000 safety deposit and a $250 pet deposit. Paid near $800 in expenses for a few much needed projects before getting a tenant in there.

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Make sure you save as much as you can. The $800 you've paid so far is nothing. You'll need to account for insurance and property taxes if you don't have them being escrowed. I assume that you do, so that's good. But eventually, you'll have a water heater, an HVAC system, plumbing, roof repairs/replacement, electrical issues, etc, etc. And, of course, you'll need enough to cover all of your expenses in the event that you run into issues with the tenant paying on time (or at all).

Lots of things to think about. I've been renting a residential property for the last five years and will be closing on the sale of said property next week. I had a lot more margin than you have and it was just more of a headache than it was worth at this point in time. Having a property manager is something you may eventually want to consider.

I wouldn't with one house. Just keep up with the spreadsheet. Much simpler that way.

And get a personal umbrella policy for liability.