It saves time because there is not double-entry of bookkeeping: pulling data from PayPal and then having to port it into software that tracks the financials of the rental properties.I have a lot of client for whom we only do the bookkeeping.  

Let's say, it costs you 1.5K to get your structures in place (holding LLC or Series-LLC, with or without land trusts, with or without separate operations LLC)  and 0.5K per year (for maintaining the LLC properly, bookkeeping, lawyer and CPA, etc.) for a total of 2K.

Drafting resolutions for each transaction, corporate minutes, annual meetings, maintaining separate bank accounts and bookkeeping for each entity, tax preparation, franchise taxes filing and payments... the list goes on and on.  

A person who owns multiple and is working with multiple management companies would have a much stronger argument that the day to day work on bookkeeping, correspondence with the management companies, pricing repairs with outside contractors (if they are large), looking for new deals, working with banks, etc takes at least 750 hours a year.The thing I don't understand is why is being a real estate professional so valuable?

The best part is that there's a built in bookkeeping software that is free. 

As you get more sophisticated, your bookkeeping can keep track of a cap ex account in software rather than a bank account.

Plus, the shear amount of receipts is overwhelming 😬 You will still need to do the bookkeeping yourself unless you want to get charged a lot by your CPA or outsource to a bookkeeper.

Baselane acts as both a bank created for landlords and a property management software that allows users to complete their banking needs, collect rent, and keep track of their financial records (bookkeeping) all in one place.

And if you hire a bookkeeper using an online system makes sharing information so much easier.

What software are you usnig for your bookkeeping?