No changes, and as Ellis said it actually has gotten worse re the book keeping and accreditation verification.

So how I see it, if you are an open book, keep clear records, then in the event of an audit things should go smooth and you should have nothing to worry about.

I think I can assume that he's one of those you mentioned that didn't do the best job with his bookkeeping.

At first things started to go well, but as we started to get into the bookkeeping he started to repetitively saying he did not want to file for taxes with incomplete paperwork because he didn't want to risk his license.

Let me answer from a Property Manager's perspective: There is so much more involved than just collecting rent online and making a phone call to the handyman.There is a lot of bookkeeping involved in collecting rent, due to the dept. of real estate regulations, as well as making the correct deductions from the rent and processing a check for you.We take all kinds of calls from tenants that you probably never hear about: They call to explain why their rent will be late, questions about moving people in, calls about someone moving out, calls about questions on their lease, the landscaping, ants they found on the counter, you name it, they are calling all the time.We also do frequent drive-bys of the property to make sure everything looks ok: landscaping, not too many cars, trash, whatever out front.

My parents then receive a profit and loss report/cash flow statement along with a profit check on a quarterly basis.Having a separate bank account has made it easier to keep track of things (despite having a bookkeeper, managing the books hasn't always been as easy as I would have expected).

How much time do you want to spend managing book keeping entries of making pmts and accts on loans.

I calculate they spend .4 hours / week per property to manage them (PM, leasing agent, bookkeeper, and admin are involved).

Payroll, bookkeeping, etc can mostly be done remotely.Here is a great list of questions to ask a potential accountant:http://www.biggerpockets.com/forums/51/topics/70447-questions-to-ask-a-cpaAlso check out the www.NAEA.org page in your search.

I'm also selling off 1 rental property (closing tomorrow).Other than working with contractors, I have been doing all of this on my own and while 4 properties in one year doesn't sound like much, for someone holding a full time job, plus managing 4 other rental units and a note (and doing all the bookkeeping for everything), it's proven too much for me at one time.So, I've decided for my mental health I need to "take a break" and have some weekends off.