Practical? 

Furthermore, maintaining rigorous property management practices, keeping thorough records, and implementing robust tenant screening procedures can also mitigate risks.

Are there specific reports or practices I should follow to ensure clarity and proper management of both types of accounting?

If you got of law school, medical school, dental school, or grad school, you could still qualify. 

They don't practice in all 50 states but they do have a practice in TX and can advise on how to complete this paperwork and record properly.

I understand the arrangement is certainly different, but from a practical standpoint it isn't much different than a licensed GC staffing a team of laborers, who are actually doing all the work, and the GC checking in on quality of work.  

However, text message marketing requires adhering to specific guidelines and best practices to remain compliant and avoid facing SPAM complaints and/or potential lawsuits.Those who do not comply with the strict SMS guidelines and regulations can not only face angry customers, suspension from messaging platforms, and unwanted legal action.

I recommend changing your business practice to meet today's consumer.

There is a learning curve, but I'm sure you are gaining practical knowledge along the way.

If you want to move the property quickly and ensure income, seller financing seems more practical despite the tax trade-offs.