To precisely compute deductions and guarantee conformity with IRS regulations, it is essential to maintain thorough records of rental income and expenditures.

More specifically, my questions would be:What type of account(s) do I put the money I save for maintenance, vacancy, capital expenditures, etc. into?

Make sure the money you receive from rentals pays for all of your out-of-pocket costs, such as upkeep, insurance, taxes, and mortgage payments.Underestimating the Outlay: Add up all of the costs that come with owning and operating rental properties, such as capital expenditures, repairs, vacancies, and property management fees.

Set up money for a down payment, closing charges, remodeling expenditures, and continuing costs such as property taxes, insurance, and upkeep when you buy and renovate a home.

Both can have large capital expenditures in the form of special assessments for a condo or major repairs with a SFH. 

If you have no plan to invest again in the near future, buy down the rate.Regardless, be sure to have enough reserves for monthly expenses and future capital expenditures.

If the cash flow on the existing properties goes close to breakeven, seems like you would be increasing your risk of large capital expenditures, like roofs or heat pumps, without cash flow to sustain them. 

Evaluate operating expenses, including property taxes, insurance, utilities, maintenance, property management fees, vacancies, and capital expenditures (CapEx), to ensure accurate estimates.

There's a pretty good chance you gave them permission to hire whomever they wanted and charge accordingly unless you have a dollar limit on expenditures. 

To maintain profitability, it's essential to carry out in-depth market research, closely monitor remodeling expenditures, and do due diligence on prospective properties.Preliminary Advice for First-Time Investors:Become knowledgeable: By reading books, listening to podcasts, using internet tools, and connecting with seasoned investors, you may keep up your real estate investment education.Start modest: Start small and increase your investments gradually as you acquire confidence and expertise.Network: Make connections with other investors, real estate experts, and mentors who can offer advice, encouragement, and insightful perspectives.Make a good plan: Make a thorough investment strategy with precise objectives, deadlines, and exit tactics.