Entities that are not "disregarded" need their own QBO to ensure their balance sheets remain 100% accurate.We do run into an issue every now and then with some transactions that don't allow us to designate the customer/property but we've found ways to get around this and still have the transaction reflect the appropriate customer/property.This allows us to pull all the financial reports our Clients and their tax pros need to see.I'm in no way saying our way is the end-all-be-all but it works for us and our Clients' tax filers/advisors.There's a FB group called, "Bookkeepers for Real Estate Investors".

I know that conventional wisdom says that you should never invest for depreciation but that has to factor in I would imagine?

Yes, I have some factors going against me, but I hope by overcoming obstacles now will prepare me for greater things in the future.  

Contracts are not for when things go right, they're designed for when things go wrong. 

Another big factor is which state the property is located. 

Purchase price: $220,000 Cash invested: $75,000 Sale price: $300,000 Beautiful 4Br 3 bath 2200sft Single family residence uplifted to its glory, and contemporary design and style.

Generally in the first year or more you’ll have enough of those to not really incur any UBIT on especially when you factor in cost seg.  

BiggerPockets is full of resources designed to help you along your journey, whether you are just getting started or a seasoned investor.

Paid cash for the land, and I have started to work with an architect, surveyor and septic designer on the build out.

That is another factor you need to keep in mind.