Just wondering whether people typically use Quickbooks (or other accounting software) just to track rental property income & expenses, or the whole shebang such as:- Down payment/closing costs- Assets - the property itself, plus other fixed assets- Liability - the mortgage- Depreciation- Equity

Used td's software and TurboTax free software.

Entities are mainly used for asset protection.However, some would argue that by structuring you will lower your chances of having an audit of your taxes due to the lower ratio of audit for entities compared to claiming it directly in your 1040.If you are using a multi members LLC taxed as a partnership, this LLC will only file an informational tax return (1065) and each member will pay the taxes on their own tax return, based on the K1 that the LLC provided them.

Since he had his own system and software, he had to do everything from scratch.

The problem for you is that when you get audited, you will need to explain to the IRS where the $4500 each month came from.

With one property I would not bother with a separate account, but keep good track of your expenses using software to categorize.

You will need a good property management software program.

Also automate your response emails to guests with software like Airgms.

I am currently a software engineer in Bay Area, CA.

Chris,  I tried to open the Screenthetenant.com website and I'm getting a serious threat warning from my McAfee security software.