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.  

As an upstanding business owner, you're probably doing really great bookkeeping, so you've got records of all your income anyways (it sounds like).  

I was wondering if it is common practice for property managers to supply bookkeeping services as well?

I ended up getting my accounting degree and became a glorified book keeper.

My background is somewhat different from yours though.I'm 46 (you're quite a bit younger, I think) and have been in the corporate rat race since I was a bookkeeper at the age of 18.  

My name is Linda, and I'm in the process of setting up my LLC, and setting up bookkeeping to do some flipping in the LA area.