If that's the case, you really only need a dedicated account (or bookkeeping to simulate this) in which disbursements and certain expenses (like taxes, insurance, and capex) are recorded.If you are asking whether the property management's bookkeeping is standard, this is a much bigger question.I can't imagine that a legitimate PM would have an individual trust account for each owner.  

But again it seems just to be bookkeeping.

Payroll, bookkeeping, etc can mostly be done remotely.Here is a great list of questions to ask a potential accountant:http://www.biggerpockets.com/forums/51/topics/70447-questions-to-ask-a-cpaAlso check out the www.NAEA.org page in your search.

The Partnership LLC would then issue K1s to each S-Corp quarterly as needed.To acquire another property, both S-Corps capitalize the Partnership LLC, the Partnership LLC acquires the property and the process is started over again.Then what each of you can do is take a reasonable Salary from your S-Corps, form a sponsored 401k for each S-Corp and deposit the max allowed per the plan with company sponsored funds and what ever is left take as a dividend which will save you both on your taxes.It's always a good problem to have...but draw out a plan with the proper professionals and have a strong book keeper who also does payroll to assist you.Good for you both!

Payroll, bookkeeping, etc can mostly be done remotely.

@Steven Harri-Das If you are not an accountant, and you are seriously interested in seeing your client succeed, I would highly recommend that you discuss with him the benefits that come with hiring a bookkeeper/CPA and explain to him why it's a smart move. 

For a long time we have done our book keeping in excel.

Hi, I'm trying to estimate how much the management fee and regular maintenance (snow plowing landscaping ) for a small shopping center in New Jersey about 15-20 retail stores so we can get to the real NOI with our own numbers, owners bookkeeping isn't best Thanks Any help is appreciated Izzy

What is a simple book keeping system

Plus, it’s much easier to manage one property with multiple tenants than to manage multiple properties with one tenant each.But, even with a property manager on board to help with your rentals, bookkeeping, strategic decisions, and maintenance/repair costs are still your responsibility.