To get ready for closing, check the inspection report, wrap up your loan, plan your shift, get set for renting out parts, start your utilities, get home insurance, plan fixes, and updates, make sure all legal and money stuff is set, keep learning, and get ready for moving in and having tenants.

They are serviced with a note/contract servicer which holds the original docs, receives and dispurses pmts, does the tax reporting and enforces the terms like late fees, early payoff penalties,  interest-only end dates, etc. 

Thanks @Michael BaumEven with 65 properties and 8 years in, owner payouts is still cumbersome.We use Streamline PMS (also Trust reporting in a non mandatory state). 

Also, are there any accounting features such as bein able to pull leasing reports?

One had an eviction on their record 5 years ago and the other has nothing bad on their report. 

Holding back money to pay a future current operating expense would be reported on that years tax return. 

Based on last year's tax report, the house is valued at $199,000.

While corporations must adhere to annual meetings, board of directors, minutes, bylaws, corporate officers, and franchise tax filings/public information reports, LLC’s have only Articles of Organization and Operating Agreement.  

Automation of Property Management: Say goodbye to the days of tenants texting and calling you at all hours of the day to report a maintenance issue.

None, if you report things correctly.4) Any tips or tricks you can pass along with this method?