Taxes. Is it really this hard?

[Edward Skirvin]

As a bit of history, my friend and I created an LLC to purchase rental properties in 2017, but didn't buy our first property until March 2018. We're having everything deposited to a business checking account in our LLC's name, and we pay the mortgage for the remaining 80% automatically from that account. Our intent was to have this LLC own everything we purchased, but that turned out to be harder than anticipated, so our property is actually in my and my partner's name.

This is the first year we'll owe taxes and looking into the process, it is mind boggling. From what I've collected, we'll need to file a 1065, with a 4562, an 8825, and schedule Ks attached, then file our personal returns using the amount noted in the Schedule Ks. There's also some lingo about Self Employment Tax and quarterly payments.

Could anyone here supply a rundown of the actual forms needed and why? This seems like a very intensive way to document a business that's only anticipated to net 12k a year per property, but I suppose the burden would seem less dire as the years go by and properties are added.