Another partner is a lawyer, and the fourth partner is doing our taxes and bookkeeping while I'm on the marketing/ deal analysis end.

Isn't this just what a good bookkeeper does?

And for sure it will complicate your bookkeeping and accounting. 

Received our first rent check. Feels good. I have certain amounts that i want to divy up to go towards future expenses (capex etc). We also set up a competely separate account for the house. Do we leave that excess in...

Surprisingly so many Mom and Pop investors don't do proper book keeping or have any T12 and P&LThe minimum you want to ask is as follow: (NOTE - Please seek your own legal advise, Im not an attorney!) 

If you have to do all the work the seller is going to pay.Poor book keeping, rents below market, definatly a opportunity to take advantage of the seller.

I've been told by my bookkeeper that I should 1099 him as a subcontractor to avoid extra taxes and also because partnerships, "tend to never work out."

If the previous tenants costs exceed the deposit, the account recievable stays as an expense against the property owners rent revenue until the tenant settles up.To me this is very odd, and I never experienced it until this month, does anyones property management company do their book keeping this way?

I do all the book keeping for our building. 

Curious what property managers on here are using for bookkeeping software.Currently I have a client that uses QBO her property management business.