Two, (not mutually exclusive) approach’s.  

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Hey @Bailey Rentz, I'll say that we use QuickBooks Online exclusively for all of our Clients and they are constantly working to improve the bank feed feature and specifically the connections.

I am really inspired by people who a take something that 95% of other investors would pass on and make it work exclusively for them through sheer will and creativity even with bad market conditions. 

Supplement this far simpler entity approach by ensuring you have appropriate types and levels of insurance, you operate your business in a manner in which your conduct is not considered an exclusion in your policy, you work with licensed and insured vendors, you execute contracts with indemnification clauses with these same vendors/ require additional insured status &  maintain appropriate licensing and permits.

If the money is not held according to local landlord tenant law and/or was was spent (either intentionally or unintentionally), that act would be treated as an exclusion no different than under any other insurance policy.

That Act did create Section 761(f) for QJVs, but... it does NOT have an exclusion for state entities like LLCs.

As an agent who has worked almost exclusively with investors for years, I almost automatically take the approach of saying “no” first.

However, in my experience, those who rely exclusively on this strategy can face significant challenges.