I am currently a junior business marketing major with a concentration in professional sales at Samford University.

I would highly suggest finding a bookkeeper who specializes in REI as our industry is a different animal that a regular business and the bookkeeping is a bit specialized as well.

Quote from @Gregory Wilson: A few things there, Brendan.First, an LLC with you as a member and your (wife, son, pal, etc.) partner as a 1% member will file a Form 1065 which is about one tenth as likely to be audited by the IRS as a Form 1040 with a Schedule E rental activity (which I presume you will attempt to show is an active business).Second, you want an LLC because when your local Alabama handyman drives his girlfriend's uninsured truck into a van load of U of A medical school interns on I-22 when he goes  to get some shingles for your roof, on your business, you don't lose everything you have or ever will have to an uninsured claim. 

Quote from @Andrew Thomas: Quote from @Caleb Brown: I would focus on being an agent first and building that business.

Years in business?

Same principles apply - being busy will create opportunity. 

It's always important to screen anyone you are doing business with. 

I own the property free and clear and i use the equity as part of my business line of credit.

To make taxes easier we set up a business checking account and had all the rent paid into that account and all the expenses paid out of that account.

Moreover, the government has made it very clear that it wants to attract foreign investment and a measure like that would be totally counter-productive and downright dangerous and negative for the country and it's the economy.