It really depends on how sophisticated you want your reporting to be and how versatile you are with Excel and its abilities to analyze and show data (visually).

@Ellie Hanson, David ParlierThe profit on a flip property is ordinary business income (not capital gains) taxed at ordinary income rates in addition to payroll taxes (Medicare and Social Security).

I say effectively because mom and pops usually dont put these guys on the payroll full time.

I am not a sophisticated owner, and get quotes to keep folks honest.

Payroll, bookkeeping, etc can mostly be done remotely.Here is a great list of questions to ask a potential accountant:http://www.biggerpockets.com/forums/51/topics/70447-questions-to-ask-a-cpaAlso check out the www.NAEA.org page in your search.

Or, click on the "Advanced Reply" for a more sophisticated editing screen.

Also, it is clear that Quickbooks really is trying to build a product to sell add on features like payroll and invoice processing. 

@Sanjay Sharma do you know if you have accredited or sophisticated investor starus ?

However, you would need to enroll in payroll and open a new bank account for him.

(Just an FYI: most sophisticated CPA firms (i.e.not turbotax or H&R block) have audit risk software that basically calculates your chances of being audited based on the tax stances you take so another good reason to invest in a good CPA)