I've also done some research on here and throughout reddit where people hate management companies so I looked into seeing what an in-house management team would cost. 1 FT property manager = $45,000 1 FT Handyman = $40,000PT bookkeeper = $20,000Leasing an office = $15,000Paying employees insurance = ?

I had no idea about tracking expenses or book keeping, so I simply did not.

My book keeper and CPA have recommended me to open a separate bank account for business and run all “business” things through that account.How would you guys go about doing this?

@Fernando Martin-GullansWon't comment about tax laws, but I recommend opening a dedicated checking account and debit card for all real estate-related expenses and income, to make bookkeeping easier.

I have a small Income Tax and Bookkeeping business.

Ive kept our bookkeeping local in our facilities and have been looking at a couple of packages that are NOT cloud (there are only a couple Im aware of)...

And the more you entities you create and have to manage, the more bookkeeping time, corporate filing cost, and chance to mess something up an open yourself back up to liability.Management company is simply a contractor of the LLC that holds the property. 

Would anyone like to share their method on smaller book keeping and perhaps i can compare what exactly needs to be recorded and what may just be excess.

If you're not going to utilize a bookkeeper I woudln't recommend trying to set up everything in QBO yourself 

I would strongly urge you to graduate straight to an accounting software package, rather than try to craft your own using spreadsheets.We use QuickBooks Online, but there are plenty of tools out there that are inexpensive and easy to use.Time spent getting organized now will save you thousands of dollars in rework by an accountant or bookkeeper later.