I am more interested in the administrative aspects of property management, such as bookkeeping and financials.(2) Efficiency of Property Management:While I am capable of managing the property myself, I am questioning whether it would be the most efficient option.

On a more practical note, if the bank allows you to create a new account for free at no cost, it might be worth to create a new account each time for bookkeeping purposes. 

Some accountants, in fact most, are just glorified bookkeepers.  

@Tucker Olenr Having a second credit card for real estate purposes in your personal name.. is not a bad idea in regards of helping you keep your book keeping organized vs using one for personal and business together.

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.

Not just property taxes but your insurance at least but maybe bookkeeping?

The interest is just calculated per diem (per day) so it tends to be a bookkeeping nightmare. 

Use quickbooks to do the bookkeeping, or hire a bookkeeper.All transactions for property go into or out of these accounts.

Many small businesses have less-than-ideal accounting and bookkeeping so you might be recreating their PnL statement.

I have a PM for book keeping, collecting rent, and finding new tenants when there is a vacancy.