Type of funding used depends on the time frame and type of property we are purchasing.My wife worked as a bookkeeper at a property management firm when we were first married (over 25 years ago) and is also an interior/floral designer. 

You can hire a bookkeeper to input the work, but I would keep each entity separate, so you can track the progress of each property and calculate values.  

@April BandaGreat question, not a CPA or accountant but in my business I know my book keeper keeps rentals different from notes and I think they are treated different for tax purposes on how / what form they go on.Overall I recommend a diverse portfolio to include rentals and notes.

I will be attending DMACC this semester for an Accounting & Bookkeeping degree.Get ready for a long post!

I know it sounds great to say he's going to do the rehab and you're going to do the design, but what about taxes and bookkeeping? 

Since then I had talked about being interested in getting into real estate but was waiting for the right "time." ( -___-) I picked up little things like negotiation tactics, wholesaling, book keeping, and business ownership, but there was a lot of fear about real estate.

The book keepers are VERY reasonable and I have a local accountant who then verifies and double checks everything

In terms of SFH and MFH, MFH allows you to scale and delegate most of the work to the trusted resources: property manager and accountant/bookkeeper.

Let's say, it costs you 1.5K to get your structures in place (holding LLC or Series-LLC, with or without land trusts, with or without separate operations LLC) and 0.5K per year (for maintaining the LLC properly, bookkeeping, lawyer and CPA, etc.) for a total of 2K.

Call book keeper, text a tenant saying your rent was due and we have not received it yet.