In addition, what are the tax implication of such a structure, would it pass through a personal tax return as schedule E or does it need its own tax return?  

Quote from @Victoria E.: I am also following this thread. 

@Derrick E.

It’s a great way to build some  base knowledge on any topic you are interested in.Finally,  I would e courage you to find your local real estate investment group.

It's like saying to parents your sun or daughter's grade has been raised from E to D.

Quote from @Scott E.: Quote from @Eliott Elias: If the investor stops making payments the owner will have to foreclose on the investor to deed back to their name.

When looking for a PM, consider these criteria:1) the experience and credentials of the broker who supervises the company as well as the lead property manager2) the services they offer and how they line up with your needs and expectations3) the use of technology to make their job and yours easier 4) if they have a landlord-tenant attorney on retainer to help guide them on legal issues (not to mention the creation of lease agreement, landlord forms and notices, etc.)5) their process and policy for a) listing, b) application, c) tenant selection, d) routine inspections, e) maintenance services, f) property and tenancy update reports to you, g) lease enforcement policy, and f) move-out process.6) property owner reviews (caution: you can't always rely on Google reviews, because they may not reflect actual quality of the company, but still) 7) beneficial programs for both owner and tenant 8) a property management agreement that would indicate they know what they're doing and have the experience to know what matters in a PMA.

Preferably contact them by e-mail as we are not allow to self promote. 

The items you'll need to track are:Date of ExpenditureVendor Name/Tenant NameAmountCategory of Expense (look at a Schedule E to get this)/ or Revenue Type (Rent, Deposit, Utility Reimb, etc)Property (for when you have multiple properties.Put it in a nice column format like this:Date                     Vendor/Tenant                Amount                      Category                  Property1/1/18                   Joe Smith                         $1500.00                     Rent                           123 Main Street1/5/18                  Home Depot                   - $20.00                        Repairs                       567 Oak StreetSo that when you share your spreadsheet, they can filter for what they want. 

My e-mail: [email protected] Thank you very much.