The best way to think about it is you're in the business of renting a property-that business isn't operational until it's ready and available for rent (aka in service). 

I’d love to hear how you’re tackling tax prep and if tools like Baselane—or any other solutions—have made a difference in lightening the load. 

They have been the best investments I've ever made, but hoping to have greater cash flow influence with a daily business model.Is there demand for these types of rentals in the investment community?

On balance I have made way, way more money from appreciation that I ever did from cash flow.To me the most important consideration is to always have money or access to money, never be forced to sell.

The description states the property is "ready for rehab and development".

I bought my first two liens over the counter and was able to foreclose on both and made out very well.

BiggerPockets also has a calculator to analyze deals, and I highly recommend you start this as soon as possible, even if you are not ready to buy.

I haven’t made any profit yet and I’m wondering if I should still file taxes for my “business “. 

What made you interested in investing in this type of deal?

Always gonna be a whole bunch of cheap old houses with a whole bunch of people on Section 8 ready to rent them.