I would expect to have them receive the monthly emails from my property management company that detail the income and expenses for the month, including general maintenance and capital expenditures, and to create these reports with very little to no input from me.Does anyone have a recommendation for a VA that can do the above?

I have a friend that routinely does this, he has been busted by the bank one time, they only gave him a slap on the wrist and told him to halt all work.

You also may want to consider a three or four family where you will have a little more involvement with management and maintenance but you will also see more cash flow and you are still able to get into the property with little to no money down depending on your situation.

Depending on your investment model.Did your deal analysis include taxes, insurance, repairs and maintenance?

I'm going to attempt to get a business credit card to pay for all utilities, taxes, maintenance, and other incidental costs.

I'm going to attempt to get a business credit card to pay for all utilities, taxes, maintenance, and other incidental costs.

He was head of maintenence for the largest property management company here.

How much deferred maintenance are you walking into as a new owner.Also, the excuse for not having the 2BRs rented seems a little odd to me, seems like she has just given up. 

The schedule E is for expenses related to the annual operation of the specific property such as repairs/maintenance, etc...I am a licensed real estate agent and I file a Schedule C for that "business" with my associated 1099 from my broker.

If you are able to buy a highly leveraged asset and between the rent you get from the other side and if you rent out any bedroom be able to pay less than rent (including any maintenance cost) you are succesful!