- Is this bookkeeping and just sending you a P&L monthly.

Payroll, bookkeeping, etc can mostly be done remotely.Here is a great list of questions to ask a potential accountant:http://www.biggerpockets.com/forums/51/topics/70447-questions-to-ask-a-cpaAlso check out the www.NAEA.org page in your search.

That would have been very helpful for me to learn the small business versions of bookkeeping, taxes, marketing, networking, etc.  

There was a case where a gentleman with a W-2 job had a couple of rentals and he used his home office to collect rents and do bookkeeping and the court allowed it.

Level 1: An LLC formed in the state of the property for each investment.Level 2A: An Ownership Wyoming LLC holding company for all the equity of the multiple LLCs at Level 1Level 2B: A Management entity to facilitate legal/tax/bookkeeping/day-to-day ops/etc. for each Level 1 entity (goal to leverage economies of scale against overhead cost of local third-party contractors, vendors, software subscriptions, etc.)Level 3: MyselfI feel with the layers described and proper legal & accounting I's dotted and T's crossed, there is a sufficiently thick corporate veil and there will be appropriate insurance for each entity to further protect from loss.

Consider the cost of a manager to do this for your out-of-state friend, such as answering calls, bookkeeping, cleaning, emergencies, maintenance, etc., for all of those separate tenancies, when calculating the potential earnings.  

This drawer is locked and only two people in the office have the keys, the owner and the book keeper.4.  

Your bookkeeping methods, or methods of how you accept payment, shouldn't have to change, other than just simply keeping good records. 

.,. then Baltimore gas and electric showed up and said their gas leak detector detected small amount of gas leaking.. it was coming from a cracked head on the furnace.. so it was old and need of replacement.. so we decided to replace it completely  however I need to mention I have brought my mother in law on board to do the book keeping duties and she is on site 2 days a week to let the exterminator in and do paperwork.. she was bombarded by this tenant who was threatening to call the police due to no ac and without consulting me she hired someone who was willing to install a unit in 2 days time instead of a week and instead of spending $3,500 for a new unit she spend $7,000.. this is a huge problem for me as I have a policy of no work or repairs done over $500 without my consent.. so he got a new $7,000 unit.. and I have taken the checkbook from my mother in law..

Then, although you're on call 24/7, most of your time is yours to manage the way you'd like to.Or a handyman/maintenance service you market to private landlords.This is probably beneath you, but resident managers who can handle maintenance, as well as manage tenants and handle bookkeeping are very rare and in demand.There are so many different types of properties who need them.