We each have W2 incomes and gross around $500,000 - $600,000 per year. 

Seller reports NOI: 108,101, Gross carwash income: 149,546, Cap Rate: 11.5%.

But gross income will be about 250k-275k per year.     

So $4000/mo in gross income.  

I cannot wait for you to visit there Gross.

We own a duplex in NW GA that brings $2100 per mo. gross/ $900 net. 

Here's a rundown of our current financial situation and REI experience:Current Properties:Short-term rental in the mountains of NC:- Owned outright- Grosses $2-4k per month- Valued at $400kCondo in Charlotte, NC (long-term rental):- Owned outright- Rents for $2.9k per month, cash-flowing $2k per month- Valued at $350kPrimary residence:- Located in NC- worth $800k, owe $200kMy wife is also a minority partner in an investment group that specializes in BRRRing foreclosed properties.

With CAP rate take the annual rental income (of all 5 homes) annualized with the home #1 at estimated $1000 per month gets you $64500 per year gross income. 

W2 is already maxed out for my position and about 30% of my rentals Gross income goes too PM and 3rd party cleaners.

Instead, I should:Record the net rent (gross rent minus PM fees and expenses) as income in QBO.Log any additional expenses I directly pay, such as mortgage payments, insurance, property taxes, and other business-related costs like gas for business travel, meals, business licenses, and office supplies.Does this approach align with the correct practice of differentiating property accounting from corporate accounting?