I can set up the rent payments, collect them into easy-to-create bank accounts, and then have the system automatically categorize those payments for my Schedule E at the end of the year because Baselane already knows what each of the payments was.

Here is the property:   https://www.zillow.com/homedetails/5-E-Penn-Ave-Wernersville...The net operating income after expenses is $292K, and the proforma net income after expenses is $349K.   

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.

3855 E 71st @Bob Stevens

A lot of sellers haven't yet gotten the memo that rates have doubled and it's not 2022 anymore when you could list a turd property at premium pricing and still get multiple offers. 

Also, this is specifically for when a new rental property is being placed into service and there is no Sched E history

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?  

@Derrick E.

@Jason Smith First point of feedback, there’s not a choice between Sch C or Sch E.

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