Attorneys who have never seen the inside of a court room likely don't fully comprehend how the practical effects of their advice play out when a claim arises.3) Attorneys who recommend an asset protection strategy or structure before taking the time to understand the nature of the risk your personal situation and relationships create, as well as your risk tolerance level, savvy and accounting/book keeping ability are probably doing you a disservice as fundamentally, asset protection planning is a cost/benefit analysis.

what would be the most practical and easier bookkeeping system for a real estate investor when you have to track flips as a project on itself, purchases, invoices, rentals, payroll etc?

With proper bookkeeping you can do just as well with one or few accounts.

You would need to file a business tax return which would increase costs and bookkeeping significantly. 

My wife manages all our financials and bookkeeping so I can focus on project management, raising capital, and sales.

But, maybe you can try to take some of the load by handling some other things in the process (providing marketing capital, file/bookkeeping, etc.) so that you can feel good about a 50/50 split?

@Angela Ruggles We went with bookkeeping and more.

It will make things much easier to separate when operating, depositing rent, bookkeeping, and taxes.

I also do most of the bookkeeping myself.

Our collective experience helps real estate investors find money-makers, spend rehab funds wisely, find worthy renters, and manage the processes involved with tenants: document signing, bookkeeping, work order requests, online payments, lease disputes, evictions, repairs, inspections, Section 8 tasks, and all other Landlord assistance.