Lots of risks over-sophisticating little residential property with debt on it. 

Payroll is an option as well and even though I am on 2006 Pro they continually add features like abilty to email documents etc.jeffrey

But more importantly, I know at least 3 people with a net worth in this range and although they certainly spend money on financial services, not a single one would open an office and carry that kind of payroll just to manage their money.

a) Office Supplies (e.g. stamps, envelopes) b) Software c) Gas/Mileage d) Advertising + Payroll e) Concessions f) Lease loss g) Lease renewal fees12) Lawyer/Law office/Legal fees13) Accounting/Bookkeeping/CPA/Tax preparer/Tax advisor

I look at utilities and payroll to see if they are running above the normal range of expenses for that category. 

Most realtors have the tools but often are not that sophisticated in a relatively large DB.

That's why he's on the payroll and he'll answer his cell phone pretty much any time of the day.

We are selling our condo and our accountant insists that we are not exempt from capital gains.We purchased in March 2016 and lived in it 3.5 years until it was rented out for only 18 months January 2019 to June 2020, and now we are selling.Since we lived there 2 of the last 5 years I emailed to confirm with our accountant we will not be paying capital gains up to 500k since we are married (she is a small business specialist who does our bookkeeping, payroll, and taxes for another business monthly).

If you plan on holding 5 and everything is fairly new, you likely won't have any Capex, or very little.Then scale: a large property with onsite repair/maintenance teams will have lower turn over and repairs and maintenance, since you have a full time team, and their labor is in payroll line item.  

There are those that can make a strong case for doing just that and by people more sophisticated then newby BP'ers.