So your super basic P&L may look like: $30,000 Rents-$3,000 insurance expense -$9,000 interest-$3,000 taxes-$8,000 operating expenses-$14,000 depreciation ----------------$7,000 loss on paper for the year  so negative taxable income But remember- $14k of that (depreciation) was something we didn't actually spend money on- so cash in bank at year end would be $7,000. 

•Managing accounts payable and receivable•Reconciling bank accounts•Generating basic financial reports (e.g., Profit & Loss statement, Balance Sheet)Credentials:No formal certification is required and may or may not have a high school diploma, but some bookkeepers pursue:•QuickBooks ProAdvisor Certification•Certified Bookkeeper (CB) from the American Institute of Professional Bookkeepers (AIPB)•Certified Public Bookkeeper (CPB)Caveats:Bookkeepers do not handle and probably should not handle tax planning, financial analysis, or compliance work.

I realize this is a real estate focused group, and I have some basic questions.

Basically/Hopefully that is watching rents hit your bank, and occasionally calling a repair service as needed. 

Here’s why selling your primary residence to your LLC and then renting it back isn’t a good idea from a tax perspective:Self-Dealing Doesn’t WorkFor tax purposes, a single-member LLC is considered the same as you, so paying rent to your own LLC is basically just paying yourself.

I’ve done 4 cash out refis to buy 14 houses basically for free, since I didn’t have to come up with any out of pocket cash for my 20% down payments on the new houses.

I've heard great things about Loebsack & Brownlee, that's basically all they do so they know the ins and outs of the law, and they're good at it.

I agree with the comments above.Most important is a fully furnished, comfortable property with the basic amenities: coffee, teas, functional kitchen (all utensils, spices, cooking and baking, etc.)

To help expedite the rental unit approval/inspection, you can also talk with your local housing provider that runs the Sec 8 program what basic items they look for and make sure you have those covered. 

It will familiarize you with the basic terminology and benefits.