Having the books properly set up for the first time ever will help me get all the deductions I’m entitled to.

Is my accountant accurate in stating I cannot deduct the expenses related to the property if it's not listed in an LLC?

Leverage and invest at 40x $100 000 properties ($20k down + $5k closing cost, 30 yeas fix rate loan) with a return of 10% where you have better asset protection (my keeping lower equity and higher bank position), you are hedge against inflation (agree with me, in 30 years $1 000 000 purchasing power will be less compare than $1 000 000 today) Here is how looks mathematically:1. 10% on $1 000 000 (10x $100 000) = $100 000 / annually - No interest tax deduction- No loan paydown benefit2. 10% on 1 000 000 (40x $100 000) = $400 000 / annually - debt service + full tax benefits+ loan pay down+ hedge against inflation for 30 years+ better asset protection (by maintaining lower equity  position)   + (not guaranteed of course) if appreciation happens, it happens on the all full asset amount, example:If appreciate 10%:In case "1" you will have 10% on $1 000 000 = $1 100 000In case "2" you will have 10% on all 40x properties (40x $100 000 = 4 000 000) = $1 400 000As far as cash flow, as long you buy "right" CAP 8% and higher you will have stronger cash flow on leveraged asset + all additional benefits.

And, factor in the depreciation and other tax benefits, deductions, home office, vehicle expenses, etc. 

If you spend at least 500 hours annually managing or operating a rental or real estate-related business, the activity may qualify as non-passive, allowing you to deduct losses against other income.

@Vidit Maini Starting your business as an LLC taxed as a C corporation offers flexibility but involves double taxation unless you elect S corp status, allowing profits to pass through to your personal return.For tax savings, deduct startup costs, track business mileage or vehicle expenses, and consider a home office deduction.

My target is 8% plus for properties less than 10 years old as I want to take advantage of depreciation deductions.

The Big plus is the tax deductions they will be able to take as well!!! 

I would look at their policies and make sure both the coverage and deductibles meet your needs. 

You get to deduct $5,000 immediately to oversee the project.