This list of accounts or the total amounts are then added or subtracted to income and expenses, the difference is then balanced to your bank register showing that the fund is in balance.There is absolutely no need to have separate bank accounts for different properties or for different types of accounts, that is simply a mess, while you may think it's simplified, the tax man may not, your banker won't and neither will your accountant.Simple, basic accounting or bookkeeping is not difficult after it is set up.

Do you have to use the purchase agreement that can be found on the TX real estate website or can you use a simplified one page contract?

That's why when the hedge/mutual fund industry lobbied Delaware to create the seeks and simplify their world...

This is over simplified, but should give you the idea. 

For the benefit of simplifying matters, lets address the issue on the basis of an average close of $200k per property deal.Between agents fees and buyers closing costs (around $4k) and other stuff tacked on the the closing we end up paying about 10% closing costs on the average transaction.

@Darren Looker Lending is an ideal investment for self-directed retirement accounts and the tax analysis is simplified. 

@William Nelson outstanding breakdown - super helpful and a great way to simplify it.

My goal is to simplify the investment process, providing you with expert advice and market insights.I'd be more than happy to sit down with you for a no-obligation consultation, where we can discuss your investment objectives, assess your risk tolerance, and create a customized investment strategy tailored to your needs.

I know I'd have to pay whatever the bank would require to get it out of foreclosure, then beyond that take over the payments on their existing mortgage using a 3rd party to handle any payments that may need to be split.I think I'm simplifying here since we'd also have questions about insurance, taxes, etc...

Which, to simplify, is the difference between the value when you bought and the value when you sold.