Books are important to maintain because it keeps track of the performance of the partnership not only for one year but over several years.Partners normally have the right to inspect the books.Will the accountant you work with either maintain the books for you or help you make sure its done correctly?

One of the things many say is that you must intend to perform on a purchase agreement or it could be fraud which is BS.

I have a condo that has been a rental for the past 8 years, has performed well in downtown Chicago.

I agree with @Chris Seveney that a performing note would be a very good starting point.

Small multifamily, up to 4 units (at least to start), then graduate into larger investments as your portfolio performs positively. 

I definitely recommend that you seek out a Certified Cost Segregation Professional so that you are confident in the quality of the work performed and the deliverables produced.

Make sure you don't chase deals where you can't perform.

Quote from @Jonathan Greene: Never sell a high-performing property with no cap ex and low maintenance to buy another rental.

I definitely recommend that you seek out a Certified Cost Segregation Professional so that you are confident in the quality of the work performed and the deliverables produced.

I can assure you, your business will perform far better as well.