So for the first item on the balance sheet you put the purchase price and then for the WIP item you add all purchase closing costs, reno/holding expenses, sale closing costs and then finally put the sale price as revenue?  

So I have a FixedAssets account in the chart of accounts, but that's not really usable for tracking the per-item depreciation...there's no entry for when it was placed in use, no way to state depreciation lifetime, nothing that ties loan points to the loan so you notice when you refinance that you should take all the rest of that line item as depreciation immediately, etc.

What would you think to a listing agreement that stated a flat rate, say $1,750, which covers all items associated with building that listing.

Hi Varun,I've been investing and owning in the DFW markets since 2012, and foundation work is a common maintenance item. 

@Adria T. the PM company has to communicate, get a tenant in quickly and be able to handle items that are unforeseen..

Also, you'll eventually have cap ex (big items) to pay for and those costs are only going in one direction, up. 

It could still be really profitable, if you're the only game in town and you also can provide food or rent out part of the property for other business purposes, etc.  

Here's some food for thought:- Many of my first time investors know from the jump that they aren't going to be driving 5 hours round trip for every little item, and also know that they arent prepared to handle things like disputes, evictions, lease violations, etc.

I assume you keep the capital gains/depreciation itemized.

I would say look at the big ticket items, roof, foundation, electric, plumbing, HVAC and assess from there if anything needs to be done