If you are reporting it on a schedule E (you are not taxed as a corporation or as a partnership in non-community property states) then no, there is nowhere on your tax return that shows your cost basis and your tax preparer likely doesn't know. 

Here you can test the waters with 3.%-5% down, have your own place, and then see if you want to continue investing (chances are you will:))

I haven't actually used property management in Houston, but if I ever do I was thinking of testing out Emerson Property Management (@Cameron Tope commented above) as it seems like they have good reviews and good pricing.

Be prepared to followup numerous times.Highly likely the owner will treat your letter like junk mail.

Preparing to list rental after completing lengthy rehab. 

@Clare Yuritch /  @Byron Valles are you using it for personal use or with clients as advisors@Jake DeBoer I'm testing it out for personal use but we have been looking to switch our planning software.

I now have to have the entire property tested.

I recommend he look for a property manager who can figure this out and stop the bleeding, then maybe take over management in a year or two when he's better prepared.

I know there are individuals working on data analytics for this as I've been contacted by a few who have early models they're wanting to test.

Navigating regulations and managing properties can be complex, but with the right preparation, you can find success in this dynamic landscape.Also, Colorado is such a beautiful state that it would be a shame for you to move out of it!