It all still goes on Schedule E. 

You can continue using TurboTax if you're willing to learn rental tax rules, as rental income is reported on Schedule E with deductions for mortgage interest, property taxes, insurance, repairs, and depreciation.

I would make the expense codes mimic the Schedule E if using quickbooks.

In my personal situation, I've come to believe that the juice is rarely worth the squeeze of going through small claims courts and arbitrations on small dollar matters.

If you are not Materially Participating, the loss will be reported on Form 8582 and like be classified as "Unallowed".The ordinary loss from Schedule E cannot offset the Schedule D capital gains. 

Quote from @Sean O'Keefe: @Ignacio Vidal Traver This thread also has a great hours tracker / activity log https://www.biggerpockets.com/forums/51/topics/816680-real-e...Sure, sent! 

Use Real Estate By the Numbers as your guide, make sure it tracks the loan pay down and depreciation and have all of those numbers pour into a Schedule E.

But if you want to see the whole case fleshed out for why wholesaling is wrong, you can read this article from a while back: https://www.biggerpockets.com/blog/i-will-never-trust-real-e... 

That means if you’re not working with me, you’re probably not even hearing about these opportunities.3️⃣ E-Commerce and Supply Chains Are Driving DemandWe all know e-commerce is reshaping the game, and Rochester’s location gives it an edge.

You basically kept your checkbook on a computer and then used classes to track income and expenses by property which is what you need for your Schedule E.4.