You'll be tagging transactions throughout the year with categories that fit the Schedule E so when tax time comes (if you stay on top of it) every deposit and expenditure will already be categorized and it's quick to create the Schedule E and/or run P&L reports any time you need to.

I run the check anyway but with a grain of salt. 

@Nadia Jones Starting and running a fund is a separate business because it's something that you need to actively market for and regularly work on attracting capital to invest in. 

I think your correct though folks have to adjust to the new normal and the interest rates they are not coming down like folks hoped for I think we are in for a run of years were rates will be more like the 2000s  6 to 7% and Owner occ in the 5s with Maybe some high 4s. but by the time folks wait for that prices will rise in the better markets.

I bought a condo with the intentions of running an Airbnb and it was quickly shut down however I ended up turning it into a corporate rental.

Unless of course they were using a SEC vehicle that allowed a certain amount of non accredited. 

many houses in the midwest, for example, are very old and need major rehabs.i personally think out of state investing is more difficult than advertised, and much more difficult in the current investing environment, with: prices high; interest rates high; tremendous demand for inventory, by both investors and retail buyers; and good PMs, contractors, etc. booked up.here's a really thoughtful thread with the experience of another CA investor and lots of different responses:https://www.biggerpockets.com/forums/12/topics/1215726-break...and here are some threads about how it can very easily go wrong:https://www.biggerpockets.com/forums/48/topics/1159104-overl...https://www.biggerpockets.com/forums/963/topics/1195280-expe...https://www.biggerpockets.com/forums/48/topics/1160450-run-i...https://www.biggerpockets.com/forums/48/topics/1137397-balti...finally, you also said you "don't have a lot of money to start with." 

When clients come onboard, that process should be explained in great detail and by signing the PMA, you are agreeing with our standard processes and core values.Far too often that process is never fully explained and/or proper expectations are not set, hence new clients try to tell you how to run your business.

Maybe it has more to do with the software than the company (although their customer service sucks), in which case you might run into the same issues with other emulators, but it has just been constant headaches.

Once you run out of depreciation or your income becomes too large.