Distributions also vary alot but often are quarterly.

The experience of cleaning up their "mess" has been a great learning experience for me and the inherited tenant has gone from delinquent to pre-paying her rent 3 months in advance ( I swing by there for a quarterly inspection and she gives me checks for the next 3 months).

@Robby SanchezI recommend finding an accountant who specializes in real estate taxation and tax planning.

Usually the depreciation is enough to shelter your income so that you pay little to no tax, at least on a new long term rental. 

A quarter percent rate difference here, a $10k difference in price there ... 

There're many licensed CPAs who are not doing tax work and are not knowledgeable in taxation.

Forming the LLC in the state where the property is located may help avoid double taxation or the need for additional filings.

Will just help you out as you shop around.Final note: if you liked working with this PM (other than the lack of communication on maintenance), maybe ask them for quarterly pics/etc of different parts of the property in order to find a solution to this issue for the future.

@Nicholas KaniaI recommend finding an accountant who specializes in real estate taxation, business taxation, and tax planning.You may want to consider working with your accountant remotely to expand your options.I would also recommend looking for a accountant willing to work with you throughout the year.

Problem here the tenant didn’t declare cats as pets.She ruined the unit in one full year and it took more than $11,000 to replace full floors in two level townhouse plus other water leaks damage.tenant left without telling.Now I am asking property management must visit quarterly to catch damages early on.Ozone machines did not help much.thanks