Financial Management: Set up a system to track your rental property income and expenses.

@Kevin Sobilo will that hurt my case that it was so expensive?  

All rents and expenses.

Reason for mentioning single story 4plex is to have the ability for tenants to pay for water/utilities vs. it being an extra expense I accrue.

On the other hand, it can be more of a hassle and expense if they don't. 

I hope Mario can mitigage his losses by selling the property quickly to stop the bleeding, or re-tenant and refinance to less expensive debt but this serves as a case study on the perils of investing in lower tier neighborhoods.The amount of people on the internet and social media selling the false narrative of how easy it is to create wealth through investing in real estate, specifically these lower tier neighborhoods is upsetting. 

I found it better to buy nice furniture, and try to find deals or less expensive decorations and such to try to equal it out and make my budget work.

I like the potential return the pro-forma shows, but I've been burned a couple of times already with expensive turnover, tenants leaving a mess and having to pay thousands $ to remove the junk and prep the unit for new tenants.

(You will need to declare the income you receive but can also write off any expenses and depreciation like normal.)What kind of tax benefits would we get as rental property owners.

I typically export the monthly metrics from my PMS, then use a excel work sheet to break down gross, fees, expenses for owners on their end of month reports.