And First month's rent will go to my PITI and the rest cashflow I will split between reserves and giving myself a little payout to enjoy.BUT, how do people choose to handle last month's rent on your own bookkeeping/accounts?

There are other costs for the GC in house that will need to be taken care of as well - bookkeeping say - that without being paid for would hamper the GC's ability to get the job done and that may ease some people into the deal.

@Calvin Ruth I was thinking the same thing Calvin, but don't forget to take the vacation with what  you have saved in time, attorneys fees, yearly LLC fees, additional bookkeeping fees, additional insurance costs, more, more.

For people on your team I would recommend getting a bookkeeper, a marketing manager (someone to handle mailer, craigslist, SEO, bandit signs, etc), a property analyst (someone to run property comparisons and send out offers), and depending on how many incoming calls your getting, you may want another phone buyer.

That way we generally do not need to registered the LLC in that state (saving $) and with the ability to argue that the trust might be in a non-recognizing state, but the beneficiary is and the home state laws would apply.There are some bookkeeping and logistical hoops to jump through that are different than a standard LLC.

My wifey and I have been married 41 years, and worked together on R.E and bookkeeping 24/7 for at least 39 of those!

Business opportunity--offer a bookkeeping service to these guys.

you did not include in your expenses1- vacancy expense2- leasing fees (to broker)3- property management4- repairs5- bookkeeping, accounting, tax prep6- depreciation reserve (limited since the HOA should have its own reserve)Big issue is financial condition of the HOA.  

It was not a good relationship as they withheld money from me monthly that they couldn't explain, but used bad bookkeeping to justify. 

Looking for suggestions and recommendations for real estate-specific CPAs in Massachusetts.More specifically, I'm interested in an accountant to assist with tax preparation, tax planning, and possibly business consulting - not bookkeeping.