I think we will split up responsibilities with initially me doing rent collection, book keeping and other "administrative" duties while he takes care of calls and maintenance etc and sure we will end up finding a happy medium as far as work load goes and this will let us learn together.

I have access to a real estate tax person, but I primarily do the bookkeeping and accounting and save the taxes for someone with a little more expertise in that area. 

@Michael DangLoving the credibility book! Keep

We each would be providing half of the cash, but I would be doing all of the work (acquisition, rehabbing, managing, bookkeeping, etc).

Or the book keeper?

When would be a good time to bring in a bookkeeper/CPA to help me organize the mess of half a year on Marine Corps salary and last half as RE agent?

you could just record it as an owner's contribution in QuickBooks, or whatever book keeping system you are using.

I currently work as a songwriter as well as a bookkeeper for a production company.

.#7 – PaperworkActive investments are paperwork-heavy, from the initial purchase of the property to tracking purchase and rental agreements, bookkeeping, and legal documents throughout the project.With passive real estate investments, on the other hand, you typically sign a single PPM (private placement memorandum) to invest in the property.

She spends a total of 5-10 hours a month on her tasks (I pay her $15 so somewhere less than $150 a month) and I spend 5 hours a month doing book keeping, paying bills, and running our weekly 15 minute call used so that all involved can touch base and to ensure things are running as expected.Super easy!