Greger   In addition to the great advice above, most lenders will require proof of funds to start the project, as you'll have to "front" the rehab funds to get started, then the property will be inspected and the rehab funds released from the lender according to a draw schedule.  

Every item from a roof to a dryer has a depreciation schedule that is fairly standard.One income property is really easy to track if you associate it with one bank account. 

I am scheduled to close on a duplex in Milo-Grogan in mid April so havent secured a PM yet. still shopping. but will certainly update here once the decision has been made. 

This can be an extremely time-consuming and frustrating process but needs to get done.Borrower Calls – Once the servicer finds your borrower, they’ll make scheduled collection calls notating what transpired and what actions need to be taken.Collection Letters – A variety of collection letters are mailed out based on the delinquency of the borrower.Borrower Statements – Print and mail out monthly borrower statements.Incoming Funds from Borrowers– Any incoming funds from the borrowers will be received, recorded, and distributed to the investor, less the servicer’s fees.Year-End Tax Information – At the end of the year, the servicing company will print out all eligible borrowers who have made interest payments greater than $600.

Add to that any tenant/buyer scheduling woes that would deter buyers from viewing the property at their convenience instead of having to accommodate tenant schedules (even if you're delivering it vacant, which is a big plus). 

When you refinance you reset the loan payment schedule and you start back at day 1. 

Work that my accountant did to clean up my Schedule E.  

They handle talking to the tenant, getting the information they need, coordinating repair schedules, etc.

Essentially no income details are required and the loan is based off of the collateral of the property and income, calculated using the active rents, appraisal rent schedule or even STR income or projected income.

The rental profits from your own property will be schedule E (lower tax), the profits from your property management company will be schedule C (higher tax).