The judge lectured them that their “book keeping practices were negligent at best and their attitude about it appalling”.

One big advantage I can see is that all the bookkeeping could be done through the management LLC (rather than through each separate LLC if it were set up the usual way), making things less complicated.

And you need to be meticulous with your bookkeeping, as HM lenders want paid receipts for every single item before they will reimburse you for each draw. 

From there you switch over to a Property management firm for ongoing bookkeeping and collection of rents.  

We are in the process of exploring bookkeeping software for use in our real estate business.

Book keeper does his thing twice a week and reconciles monthly. 

@Clay CouvillonThere is software out there like quick books and other book keeping software that is used.Many just track it in excel as well

Amex Blue Business Preferred is 2 MR points per dollar spent on everything, and Amex MR points are among the most valuable out there for redemption, so you're really getting 3-4% back on every purchase.I was using that but recently switched to a cash back debit card so the money leaves my bank account more in line with the time I spend it, rather than a month later, which makes bookkeeping much easier.

There are some good ones online.But with 3 rentals and hopefully a growing portfolio, I recommend you begin to explore other solutions that can automate some of the bookkeeping and record keeping for you - such as QuickBooks.

You literally get pages and pages of play by play guided forms that will automize your real estate rental book keeping.