If you receive the income, you should have a way to offset the income with expenses or, its just (taxable) income.For me personally, this is one reason I keep my rental properties in a separate entity (a Family Limited Partnership in my case) with separate bookkeeping, checking accounts and expenses to offset the income.

Ok bookkeeping and web interface to track docs.

I do interior design, I can setup property”Some said, “I can do book keeping etc” But I know they are very busy business person not available for responding for text often. 

You should get some advice from a Tax person who does real estate about YOUR specific situation (this may cost you a fee of $$), ask about tax returns needed, costs for those and cost for bookkeeping and (most likely renting accounting software monthly online).Next talk to an asset protection attorney (this will probably cost you a fee of $$) about YOUR specific situation and see what kind of protection you need, and where you will have to open holes in it to do business in your state--also discuss in the event of a divorce, and the cost to support the asset protection structure, meeting minutes, state fees, yearly review for new cases and laws, and the cost to defend this structure if need be.Then go back and bounce the asset protection structure against you tax person and ask if there seems to be any cement roadblocks in it to doing business, because asset protection is not always doing business friendly.Beware of sales lingo and the like.....There is also the option of Umbrella insurance for those who's situations are suited to it.

If you are wanting to keep it separate for book keeping purposes then that is an option but there are better options out there.

If Excel gives you what you need as an investor, and your CPA accepts it for tax preparation - stay with it.One of the main issues with using Excel for bookkeeping is that everything has to be entered manually.

PHONE RINGS...My wife who does our real estate brokerage accounting and investment business bookkeeping just called me to say we owe $47K in taxes...

She's always had a tax pro, I've always DIY.A big mistake: I've always done my own bookkeeping and tax prep.

To stay on a tight time line i will do certain things and have them do certain time intensive things i have (know) reasonable contractors that do plumbing,electrical,windows,carpet,heating/cooling,plastering,roofing, etci also have some properties(potential flips) Ive seen and liked but know of many properties in the area but am not limited to any certain mid/upper areas in & around pittsburgh i can complete a project on time within a budget with neat book keeping if needed no problem I'm extremely hardworking & looking for an investor to make a lot of money for/with. this is not a hobby for me my heart is in this 100% i love every phase of the job i would appreciate any answers,suggestions just what to expect and if any investors see this please reply

You can either do this yourself (suck) or pay someone, either a bookkeeper or a specialized payroll provider.