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I would either just put the return in a brokerage account, or buy a rental property near where I now live (on the east coast), where you can buy a lot more for the money.

He determined the price and terms for the property, and according to the agents involved, he consulted with accountants and attorneys before signing the contract.

Sit down with a tax accountant and a realtor in your market walk thru the above with them.  

It may seem easy to jack up rent but there is something to be said about good, on-time paying tenants.As an accountant, I always rely on the numbers.

Quote from @Max Emory: @Bob Asad, there are a lot of different account structures out there but absolutely keep security deposits in a separate account from your opex/income account. 

From an operational standpoint you might also want to consider the cost of any extra tax returns that are needed by the entity as well as any extra accounting fees.Good Luck!

are you allowed to edit the chart of accounts? 

Make sure your accountant specializes in real estate taxation.

I think you would need to account for that with each “flip” - does it?