Honestly, there is no to little need for the separate set of accounts you have now unless your State requires it.It won't matter iIf you have a bookkeeping arrangement in place to keep track of your income and expenditures. 

Yes save the $ you spent as it will add to your basis from a capital gains expenditure and the $250k per person limit if you live in it per the required time frames.

Mainly, the minutia part of the process that is often not the most productive expenditure of time for an agent. 

Quote from @Matt Holley: Warning: I'm going to hit you with some tough love.If PITI is $1,850 monthly, that only leaves $550 - $650 for maintenance, vacancy, capital expenditures, and property management.

When calculating your cash flow for your property you should have built-in expenses that you set aside for repairs and maintenance as well as capital expenditures.

This is a huge expenditure for my small business.

Since this work was for your units , use the receipt of payment and materials as capital expenditures.

Bob Bowling I see the following: cash flow before taxes equals net operating income, less capital expenditures less debt service.

Think you're describing repairs and capital expenditures . . .So you bought with tenants in-place and want to start improvements. 

Can I record those miles and other expenditure for tax deduction next year?