Bookkeeping for first rental property

[Eric Lee]

Hi All,

I got my first rental property (SFH) under contract and am now working through the process towards closing. I'm excited about the opportunity, but want to make sure I'm prepared for everything that's about to come. I understand that organized/accurate bookkeeping will be a vital part of managing the property effectively, so I'm here seeking some advice.

When exactly in the process do I need to start tracking expenses?  If I haven't closed on the property yet, do I still need to track money spent on things like inspector/contractor costs during the due diligence process?  What about mileage traveling to the property?  Or do these kinds of expenses only become tax deductible and need to be tracked after the official closing?  Are there any other bookkeeping related things I should be keeping in mind at this point in the process not having closed yet?

These are some of my initial questions, guessing I'll probably have many more later, but appreciate any advice you all have.  Thanks!

Eric