The basic rule for the amount of cash to have at hand is 3 months of ALL expenses as if the rental was unoccupied and you had to pay all the utilities on top of the full Primary mortgage, Interest, Taxes, and Insurance (PITI).As well, it's pays to have a bit more because life happens.Good Luck!

There are tax filings and yearly fees associated with them. 

The no-income tax and growing city were all a plus! 

I'm looking for local recommendations for an experienced real estate tax accountant/CPA.

@Dennis Hill if the house meets standards of that size family, enough beds baths and room size for children, then follow your standard rules, like I make anyone 18+ years of age qualify on their own unless they are a dependent of main tenant (prove with current tax return).

Research rates for a payroll service for your employee that can handle your federal state and local employment taxes / calculations Know your federal state local and county tax requirements as well as whether you must have workman's comp for the person or not.

Re rent roll, obtain copies of the executed leases and validate collection via bank statements and tax returns. 

Taxes are low in Philly.

Is your DSCR ratio greater than 1-meaning are you cash flowing (according to the lender's criteria of mortgage, property taxes and insurance (and HOA) if applicable).

The total of all depreciation taken is taxed.