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

The software is really for Storage unit book keeping and we use it to manage the properties as we also manage our own storage facility.

If you hire a team (i.e. contractor, admin, and bookkeep) just to name a few that will lighten your load, two things will happen.

Mike is a good guy i read his book and he belongs to my local reia he is very much looked up to and i can actually say i dont remember hearing anything bad about him cant say that about any other investor ive heard of i agree his website is hokey his course though i have not taken it i have been told it is a gold mine however i do have his investor books\ tenant tracking software and i use it everday or atleast anytime im doing my bookkeeping

The ideal candidate would have a bookkeeping background, a knack for organization and developing procedures, able to do it all including administrative tasks, entering owner statements from various property managers into property tracking software, calling property managers to decipher owner statements and pressure them to increase income and decrease expenses, able to understand basic construction and rehab, lease out units locally and screen tenants, and the list goes on.

After two years we are still working on getting receipts for the bookkeeping.

I have not yet finished reading through it, i'm working on a TON of bookkeeping right now.Here is a link to the Federal Register: Final RegulationsCCH Summary:http://www.cchgroup.com/wordpress/index.php/tax-headlines/federal-tax-headlines/irs-issues-final-repair-regulations-on-deduction-and-capitalization-of-expenditures-related-to-tangible-property-t-d-9636/?

Next, if there is any commercial activity to be done, it needs to be a very low or no public traffic type business, like a bookkeeper having an office in thier home.

We finished out 1k sf of space in the lower level, nothing fancy and each of us have an office, share conference room and share book-keeping staff/reception personal which is a huge advantage to me because I'm bad with Quickbooks.We manage the 10k sf office building and offset our rent through management fees generated.

Setup the LLC, setup your business banking, get a dedicated business credit card, separate all business expenses from your personal expenses ... then when you start doing your bookkeeping, it will be easy.