As a "retired" public accountant and tax consultant I perform a lot of detailed ROI analysis for my clients. 

@Roy LoganIt sounds like you’ve made some great moves in real estate investing—your BRRR strategy is paying off with those solid returns.At the bare minimum, you should do the following to make your bookkeeping easier:Dedicate one checking account and credit card exclusively to real estate.

What they don't account for is that I could buy the home 15% below market rate.

There are also additional costs of operating and maintaining an LLC, like separate bank accounts, annual report filings, tax filings, etc.2.

So even if the cash flow is only 3% or 4% cash on cash, that’s enough to provide a protective layer to cover unexpected items.To me, the cash flow is NOT to put spendable cash in my pocket NOW but rather keep the property self supporting while it increases in value over the long term.In addition, every property a purchase has a cash reserve fund - call it my rainy day fund or my Sominex account (ie I can sleep at night knowing if the furnace goes out I have $8,000 in my reserve fund to replace it.)One final note, I have found once one reaches a certain net worth, cash flow no longer is a concern, there is always as much cash flow as anyone wants.Final note, who will have more cash flow someone with $1M investible cash or $3M investible cash?

It has been discussed on this forum multiple times, you can search the forum for earlier threads.The reason CPAs disagree is because it's somewhat controversial, especially between accountants who do NOT specialize in real estate.

but if you want immediate cash flow - you're better off in a savings account.  

If most investors, and by most I mean 95% are not accountants, then why do they need to edit chart of accounts?

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Forced appreciation, where you do things to raise the value, should be taken account of in your underwriting.