We have some rental properties in Section 8 and its becoming very tedious to keep up with all the maintenance issues coming up on regular basis.

I keep hearing how rental prices are going down but I do not see it when I casually look at the rental properties. 

Keep at it.

,My stable consists of:1982 Mercedes-Benz 300D Turbodiesel - 27mpg regularly, few repairs, 192k miles, low insurance1998 Mercury Mountaineer, 16mpg, reliable so far. 130k miles2001 Mercedes-Benz E320 21mpg, reliable, 115k miles.My personal favorite is the 82; my costs are so low and it keeps me from speeding.

The biggest mistake I made was not keeping 50 or so more of the 500, yes 500 I flipped in my market, HUGE mistake, cost me millions, Wealth is built not flipped. 

Seems like our area just keeps on getting more great reaffirming news!

If you plan to keep, what arrangement does the caretaker have in place? 

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Taxes wise I have opened up a high yield savings account and putting money into it in case I do end up owing taxes next year, but what do I need to be saving as far as forms, I don't have the tenants on a lease yet since this is my primary on the mortgage, but I am giving them receipts when they pay rent every month and keeping those saved.

Keep in mind anyone can watch a few You Tube videos and think they know enough to teach others.