@Frank Sichelle, I hope to clarify one item you mention:If you, as an LP, are looking into a company, you should be asking for Original Underwriting vs Actuals.  

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Also note they will never pay out more than 3K and with HVAC or other large repair item that is not worth paying for it for years.Duck em!

As for returning the deposit if there was clean up, hopefully you took photos of the condition of the home once it was vacant and have an itemized bill to present the former tenant. 

I always got a DP3 policy with $500K in liability coverage on my SF rentals.If grandpa is living in your place, his personal items are not covered.

Things such as hot water tanks, carpets had to be replaced in a few years, so I wound up depreciation some items more than once.I sold a rental last year for $430K that originally cost me $70K as an investment property.

There are some important items to be included but you simply say what you want about who owns want etc.Apply for a federal tax ID number online at the IRS site.  

What recommendations do you have in terms of what to take a look at/action items after 1 year? 

Two years ago, the military PCS moved me to Washington, DC, and it has opened my eyes so much about the potential in the rental market.

Answers my main question that people do have many, many separate checking accounts for each property - keeps line items separate for bookkeeping purposes.