Simple accounting needs In that case, Azibo may be a great fit.

Also if you have very good banking relationships you might get your local community bank that you have all your accounts with to do a loan..

I also estimate that, after accounting for a 10% vacancy, I could rent the property for about $1,800 per month.Even with that ($400) cash flow, I still feel like I’d be better off than where I am now, between the experience I’d gain, the equity I’d build, and the appreciation and tax benefits.

As long as you own the property there shouldn't be any impact tax-wise.If you need further guidance after reading the post I would recommend doing a short consult with a real estate "savvy" accountant.

I am preferential to medium/long term rentals so my exit strategy would not be applicable for many years.I make a comfortable living and have a surplus of money saved up but don't want to liquidate my entire savings accounts so I can get just one singular 200K property that may cash flow for a couple hundred bucks over the next few years.Am I missing something or being overly cautious?

Bank accounts for each and handling everything separately So, I met with a CPA last week, and the advice she gave me was to create a Holdings LLC and a Property Management LLC in addition to the current 2 property LLC's.  

This was recorded in April 2020, but I reposted it today since my old account is no longer active. 

Also, I am NOT a CPA, but we have seen certain accountants help people get the payment excluded as soon as the next tax year by including it in the P/L for a business - so may be worth having that conversation with yours.   

Hmmm... lets think about this and list just a few things that you are paying them for... tenant communication, owner communication, managing expenses, maintenance concerns, vendor communication, negotiating vendor pricing, rent collections, accounts payable, accounts receivable, tenant procurement, 3-day notices, 7-day notices, 1099s, accounting, and 24/7/365 MANAGEMENT OF YOUR PROPERTY, for pennies of the rent...

Request reports for maintenance, accounting, etc. on a more regular basis if you want updates.