After a property is funded, that property has its own bank account with a cash reserve and property manager that is responsible for running the rental home operation & finances.

A property manager is accountable for obtaining revenue (like finding tenants and collecting rent payments) as well as covering the operating costs of that rental home (property management fees, taxes, insurance, repairs & maintenance, HOA fees...etc). Those operating costs are paid out of the rental income received by the property.

You can learn more more about a rental home income statement and the different expense categories in our article titled Understanding a real estate pro forma.