It was suggested that we create an operational company that will lease rooms to individuals in recovery.

If somebody out there has a bunch of sub to deals, this could create big problems for them I imagine. 

I make sure that they help in creating new systems and processes, always asking for their advice.  

However, if that is undesired i would create a single account to hold all deposits.  

When creating an application, there is no preview what so ever.

Without REPS, the depreciation will create passive losses that can offset rental income or be carried forward.

Additionally, not all transaction types support Locations, meaning you'll have to create journal entries to correct them—requiring a solid understanding of debits and credits, which can be time-consuming and error-prone.Instead, I recommend biting the bullet and upgrading to QuickBooks Online Plus for each entity.

One of my friend happens to be a RE agent, landlord and a property manager himself and he seems to feel that as long as she pays rent on time and does not create nuisance, not to worry much and just keep do a quarterly property inspection.

I know I can create a series of my own documents regarding this in Word and Excel, but am wondering if there is some kind of software package out there that handles this problem?

Selling the rentals via installment sales could also spread out tax liability.This post does not create a CPA-Client relationship.