My usual take on the subject is this: why treat REO's any differently than any other property for sale on the MLS?

As I transition to treating my rentals as a business for bookkeeping purposes, I am trying to find a simple, cost effective, but useful tool/method/software that can help with this task. 

Treat them well and you'll find yourself getting what you're after.

How is the Douglassville area treating you so far?

@Prashant Deshmane, If you've lived in that property for 2 out of the last 5 years you can move out, treat is as a rental and get the tax benefits and cash flow for an additional 3 years before selling and still also get the tax free primary residence treatment upon sale.  

Tenant history treats property like there own, consistent paying tenants.Purchase price $115kSeller will hold financing on 25% for down payment at 5% for 3 yrs interest only.Property will need about 10k in cosmetic work, seller willing to add in 10k cash back for repairs added to the seller financing agreement.Have a lender in place who can finance this deal at 75% with seller financing in second lien position.$3500 taxes$800 insuranceTenants pay all utilitiesWould be getting a commercial loan amortised over 20yr.Plan to use management team at 6%, that we are using on another property.What are your thoughts and perspectives on a deal like this?

You must treat every applicant equally as a landloard.

Basically, yes...As a general rule of thumb, treat your business finances as if they are a completely separate person...

I treat cleaning and maids as pretty much a crapshoot.

You're asking some good questions - treat this like a business, figure out how to fund this new business, and then how to scale it once you get started.