I've asked my clients a similar question and have developed tools for them to minimize this, but I find there are a few different types of clients.Manager managed - these folks have no issues as they simply upload their year end statement from their property manager, their 1098 mortgage statement and any other one-off expenses they may have paid for outside of the management company. 

Quote from @Jeffrey Bourque: Hello All, I am new and this is my first attempt at purchasing a property with the intent to create monthly cash flow.The property: Triplex Listed at $140,000 - Total monthly rent income $2,150 - Tenants want to stay and are all willing to sign new leases for 3 years - 8 beds 5 baths and 3,500sqft livable space on a 4,800sqft lot - Heat and electric paid by tenants and water trash paid by owner $180 month - I have managed to talk the selling price down to $105,000 with a kick of $10,000 for closing and commissions so $115,000 all in - Building is in fairly good shape according to pictures and questions but have not done a inspection yet - some general maintenance repairs are needed according to the seller but nothing that seems to bother the tenants. - Taxes are on the higher side at $6,000 yearMy Numbers: $115,000 putting 20% of my money $23,000 and finance the rest with total expense of $1,834Monthly expense numbers: Future Maintenance 13% $273 - Vacancy 5% $105 - Property Insurance 5% $105 - Property Taxes 23% $500 - Property management 10% $215 - Office/Travel/Legal 4% $84 - Mortgage 26% $552 - Monthly Cash Flow - $316 per month or $3,792 per year so Cash on Cash = 17%I think this looks like it is a deal worth doing and I also believe I can bump the total rent up by $50 each tenant which I think make it even better.

Glad you reposted this questions as many people have said in the past- Follow the train stations- Green and Pink lines are still good for developement.

However, you have to invest in specific communities where they are encouraging development.

Welcome to the real estate hive.. are you open to exploring off-market listings through your network?

You have relationship infrastructure and knowledge that took a very long time to develop.  

Your Schedule C at the top will typically list both of you since you are filing a joint return.

What off-market really means is that the seller refuses to sign an exclusive listing agreement with an agent but tells the agent if they bring them a buyer, they'll payout a commission.

After the inspection was completed, they quickly addressed what needed to be address on the list which was not much, then they sent me pictures of the work done.

Along these lines, we send out a weekly newsletter to our list, sharing things going on in our market, as well as more macro, in the real estate market and economy.