You'll be tagging transactions throughout the year with categories that fit the Schedule E so when tax time comes (if you stay on top of it) every deposit and expenditure will already be categorized and it's quick to create the Schedule E and/or run P&L reports any time you need to.

MileIQ is a popular one, and that one runs in the background on your phone and logs every trip you make, and then you categorize each trip as personal or business. 

I can relate to JC's post: I think her categorization based on Newbie to Seller was sufficient.The fact is even with the details being requested: it would be a retroactive assessment.

@Brett Danehey, this is a great idea, and I think your categorization by NW/SW/NE/SE is good. 

Or is it better to categorize as administrative (running the company) expenses vs. costs associated with repairs and renovation? 

Although I agree with @Nathan Gesner in part, I think he is off base in categorizing a relationship based approach to landlording as "amateur".

Unlike true multifamily, meaning the county or city has the property categorized as multifamily, you can't use potential rental income from the additional units to help you qualify (if the home is single family per the appraisal, that is).

Seeing as they have full utilities and stick built, they should be categorized as real property and have good value for their size.

Given that it's categorized as 'Community facility', 2.4 FAR should be allowed. 

you can auto categorize as well like quickbooks.