@Heath D Wallace Cats can damage your property if not maintained correctly, if your apartment has carpet then cat urine is can get soaked in it if the cat pees on your floor.

We own several residential homes in San Diego that we only lease to operators of care facilities...They make amazing tenants if set up correctly. 

Is that a correct understanding?

Is that correct? 

We plan to set-up an LLC, is that the correct approach?

I'm seeing a lot of correct answers here.

The property is located on St Augustine Beach and other STRs have high occupancy rates, solid ADRs and are very profitable when managed correctly.

If you did not have an existing policy, the correct way to write this would be with the new owner as the first named insured.  

If I understand you correctly, this is a simple seller-carry situation.

Transcribing transactions from bank statements, posting transactions to the correct accounts, and then manually creating an income statement, statement of owner's equity and a balance sheet is a fairly time consuming process and I have not been able to keep up with the book keeping between my regular work responsibilities.What accounting software do people recommend?