@Jason Bobby I have tried Stessa and I didn't Like it, I am an Accountant and went to School for Accounting, so for me I needed a software that allowed me to make Journal Entries and at the time I used Stessa, I was unable to do that, and I did not like the way the reports read when I pulled a P&L & Balance Sheet.I have found Wave to be a decent software, it is just a free General Ledger Bookkeeping software, not industry specific at all, but allows integrations.

@Brett McManus a separate account is important for tax bookkeeping. 

I don't like to do book keeping but I haven't found someone reliable that I trust yet.

The big challenge is to have a bookkeeper you can trust. 

10% of collected rent is for ongoing management (handling tenant calls, doing the bookkeeping and sending of mthly statements, arranging for maintenance and upkeep of property, posting pay-or-quit notes, initiating evictions, dealing with the municipality on inspections, etc.).The "entire first month rent" is for placing a new tenant (marketing, screening, showing, lease execution, move-in walkthrough, etc.).So you have both types of fees.

Do you find that cumbersome from a bookkeeping perspective to keep expenses separate?

@Nick BrubakerDepending on how many rentals you have, it could be a good idea to hire a bookkeeper.

Something a lot of first time business owners fail to monitor is their monthly book keeping.

@David Kuhlke -  My CPA is located about 2 hours from me, and my bookkeeper is about 14 hours (Singapore).   

You'll need the separate bank accounts, debit/credit cards, extra accounting/bookkeeping, all the attorney fees to setup and manage these enttiies, can't share the umbrella policy..Yes, people talk about the Due on Sale clause, but just about everybody says it never gets called unless you stop making your payments.