The PM makes a small percentage to offset the bookkeeping efforts and management of the repairs process. 

Hello BP:I am in the process of trying to streamline my book keeping process from my real estate investments.

IMO, you get what you pay for - - hire a book keeper and that's what you get.Want a professional that has a license to protect, hire a CPA.There's nothing special about RE accounting and if the person you're talking to can't tell you the class life of appliances vs the property itself -  W A L K (no run) away.I hate accounting, but it's possible to use the depreciation tables and file the 1040 and the Schedule E for yourself, but it's not recommended - - you become the book keeper that should not have been hired :giggle:

However, it falls flat when it comes to bookkeeping/accounting.

I have zero experience with running a business, or bookkeeping.

@Voltaire LepeBookkeeping is used to keep track of the performance of your business(in this scenario real estate).It will tell you how well your rental is doing over a period of time.There are many softwares available, of which quickbooks is the market-leader.Alternatively, if you prefer not to do your own bookkeeping, you can hire a company to do it for you.

If you guessed D then you are right!
You usually can’t depreciate your primary home or vacation home if those properties don’t generate any income.
Even more interesting, if you are a real estate investor, in a...

Obviously, the more entities, the more cost and management/bookkeeping headaches as well. 

Current Top 5 Bookkeeping Tips1) Hire a great CPA (you’ll need a tax return filer, tax advisor, etc) and eventually a Bookkeeper once your business can afford it.

While advances in technology are nice, sometimes you just don't need all of them.Certainly bookkeeping/accounting is necessary.