Maintain proper records - Contracts, Settlement Statements, Agreements, Promissory Notes etc.Additionally, you can track income and expenses consistently, using software or spreadsheets. 

Here is a great example why.I recently saw this asset come across my desk which was a non performing loan where the seller was a year behind (they made one payment I believe - even though they were allegedly properly underwritten).

In my experience the basics for a functional RE based CRM are:Custom Fields for Data Objects (Leads, Prospects, Applications, Buildings, Units, etc...)A Screening Engine (background/credit checks, employment verification, etc)Online Rental Application (this should automatically run the application through screening)Ability to mass email/sms leads and tenants to provide informationSurveys/Inspection formsI've been building real estate CRM tools for years.

The potential tax implications are often minimal, and with proper planning, you can maximize the benefits of your investment while minimizing any tax burden.

However, split systems are like large lego sets and the biggest margin for error with this system is reliant on a properly installed system.

These are just very different functions.

Challenges like unexpected renovation costs and tenant turnover can arise but with proper preparation and management, you can achieve great returns.

Once you have a shortlist, sign up for an account with each one and test them extensively to see how they function.

For newly constructed, purchased or renovated properties and also retroactive generally over the last 10 years, building components are properly classified into individual units of property and accurate recovery periods for computing depreciation deductions.

We built out our own portal and accounting database for that functionality because we were not finding good software that could handle a higher volume of receipts AND tie it in with the rental property accounting.