Assume the seller might be cooking the numbers, they might be sloppy in their bookkeeping or the numbers might be completely accurate.

@Alan majors,Thanks for the response, I've been looking at using Cozy, not sure if the the best for book keeping purpose but they do make it easy to roll out and access.

I'd list them but I'm not good with that stuff (have a bookkeeper) but 2 of 3 bookkeepers I have discussed this with stongly recommended QB. 

I'm not an accountant, but here's some suggestions.If the frequency you are doing the bookkeeping is overwhelming, do it more often or hire someone else to do it. 

Anyone can keep tract of that book keeping.

This is only if qualified as "real estate professional", correct me if I am wrong.Some of this is deductible as an expense, some of it should be considered as basis in your next property.For example, the following are expenses of your **current** business and can be written off against your current rental income.Cell Phone and Internet (some people only write off parts of these depending on volume of use, etc)Office Supplies (paper, envelopes, stamps, pens, pencils, etc)Mileage for self management of propertiesTravel expenses for you to go check on your propertiesUmbrella Insurance for current propertiesCPA fees for bookkeeping and preparing taxesLegal fees for ongoing business such as leases and evictions.BP membership if you're using it for research on how to manage your **current** properties, such as tenant/landlord issues, DYI repairs and stuff like that.Unless you are a real estate professional, any expenses incurred to find your **next** property are NOT deductible as incurred and are instead added as depreciating basis to the **next** property you purchase.  

I have a question in regards to good financial bookkeeping companies.

I would say realistically if you have property management experience you can manage 200 single homes / condos, etc. but you will need a bookkeeper and a full time assistant to do so if you want to grow your business.

It's all about how you want to do your bookkeeping,, carry over the balance every month, and continue to send past due balance notes on the outstanding late rent fee or write it off.  

This will be our first time season here in TN as well as with the business entity.We currently do our bookkeeping via QuickBooks which has proven well so far.Thoughts/suggestions for better tracking of expenses welcome.ThanksWes