A property management software such as AppFolio or even AMSI are really good with consolidating all of the information, keeps track of service  repairs, allots for accounting and maintaining resident ledgers, can keep record of correspondences and of course store archived information from previous residents. 

I'm think I will put correspondence documentation in a subfolder labeled with each applicant's names in the rental applications folder and then just drag those personalized folders into the "Leases" folder when they become a tenant

Verifying last 2 years of rental history and income extremely important to find the “best of the worst”.Make sure you understand the Class of properties you are looking at and the corresponding results to expect.

If I must use the buyer's title company/closing attorney then I always demand to be on all correspondence between the title company, seller, and buyer.

We correspond via phone calls and email with our property manager and any other people we need to talk to about our business.

If you spend way more than that, and have correspondingly fancier cars/homes/lifestyles, your emergency fund will need to swell to match the lifestyle.The point, I think, is to work very hard to put yourself in a position where you are several thousands of dollars per month in the black (saving or accumulating several thousand dollars per month), NOT including stuff that is inaccessible or that you do not plan to use for non-ermergencies like home equity and/or retirement.

And sorry, I didn't got the part you mentioned about 75k, what is it correspond to?

Heres a solution that my accountant recommended that makes taxes easy: Set up your properties as Fixed assets and then track your improvements as either 37 Labor or 38 Material  (Those accounts numbers correspond to lines on the schedule C tax return).  

Mandi,Did you give him all the rehab money?

Even if you find a great property manager - you still have to manage the asset which includes corresponding with the PM, addressing issues like vacancy and repairs, reading and reacting to reports, replacing tenants and all of the other issues that come up.