It's taken a while to setup, but that would be the same for any software change.

What software do you guys use to do this?"

We use accounting software that codes the income and expenses to the property (called a class) so we can run P&L;s on each property with ease.Your accountant and bookkeeper will also thank you later for keeping it simple and avoid significant accounting costs. 

@Yixin Huang we use a property management software which keeps the communication centralized and updates them on status. 

What kind of software do you use if you don't like to drive for dollars  ?

Based on my experience, you either pay some more but get a high-quality service, or you have really raw but cheap software.

My understanding of the current text messaging compliance is that it's OK to send unsolicited texts as long as you don't use some kind of software/automated technology.

things missing in your list (everyone manages differently, so take it with a grain of salt)Vacancy rateTurn overbad debt legal fees (evictions as needed)accounting fees for professional tax prepmaintenanceProperty TaxesSales Tax on PM fees (In NM, this is charged, not sure about where you are)Reserves for replacement CAPEX - furnace, water heaters, ac, roof, parking lot, etc.Admin, software, advertising, etc.Cost segregation study for accelerated depreciation captureAs for your loan. 

I'm betting most all of these note schools are teaching how to move the asset through a system and facilitate a transaction, how to use a financial calculator or their software.

Their online banking software is pretty nice though.