I am an accountant / bookkeeper in Sacramento and have always been an entrepreneur at heart.

It's keeping up with the entity and bookkeeping that can be a little harder. 

Put the bookkeeping on them :)It shows that you are thinking of them, but not putting any major expectations.If you want to inspect the property regularly, spell it out in the lease AND IN PERSON.  

(and a bookkeeper!) 

All the details of rent collection, leasing, maintenance, repairs and bookkeeping are handled by national class, professional property managers.

Hire either a bookkeeper or a manager or some buffer.  

I do recommend reading the BP tax book http://get.biggerpockets.com/taxbook/ I own a copy and felt it was very helpful.As for book-keeping I use an app called Scanbot, which automatically date stamps and writes the location into the file name of the PDF, which it automatically syncs with my Google Drive Receipts folder.

A little background: I operate a bookkeeping firm specifically targeting RE investors in Oklahoma.

Do you just provide your book keeper/accountant the HUD1 or do the feds issue 1099 from info the title co provides them?

It has minimal capital reserves.For tax purposes, you can treat them as disregarded entities and all net flows to you.Yes, the administration is more involved than having everything in your name, but you need proper bookkeeping anyway.PM me and I can send you my notes on asset protection (primarily for buy and hold investors) that includes entity structuring, protecting the corporate veil, transferring and due-on-sale clause, when to do it, checklists, etc.