You mention your P&I payment is $1200- what about taxes, insurance, maintenance, repairs, vacancy costs, bookkeeping, etc.?

It depends on how many flips/projects your taking on, how complex your business structure maybe, how your financing the projects, how many sources of income do you have, your book keeping abilities, ect... as previously suggested I recommend a CPA and see if you have the option or the ability for a do-it-yourself tax software.

Who has sloppy bookkeeping and servicing records?

I want to make sure my bookkeeping is in order as I look for my second property and so on.  

I have all of the necessary connections in to put into place (online and drop off payment options, maintenance company, yard care company, attorney and book keeper) to piece this together.

I'm looking at getting advice on getting a reliable book keeping, tax advice and preparation in the DFW/Plano area.

I am not very experienced with book keeping or accounting but it seems to me that security deposits and refunds are liabilities for the balance sheet but not income and expenses.

Hire a Virtual Assistant that is specialised in Real estate Bookkeeping and they will be able to help you out.

Once I close on a multifamily property, what are the key operational tools needed for bookkeeping, rent collection, tentant screening, maintenance scheduling, etc., that I need in place in order to "keep the lights on"?

@Rosy BrunoIn my situation it only makes sense to have a bookkeeper set you up on a software like QuickBooks.