I am a CPA and good with excel so I think i'll be ok with maintaining my records (I don't really practice CPA though, so I'll still need some advice from people who practice in these type of situations).

The person above in this thread is 100% correct recent laws have made using buyers money to close out contract with seller is now deemed illegal and cannot be done but there is a way around that like everything else.if you want to maintain the old tradition of using the buyers cash to close out your contract with the original seller what you will have to do to stay within the law the new law that is, is to have your lawyer write out a promissory note to the cash and buyer securing them with your equitable interest making that cash buyer a temporary lender.

If you’re otherwise happy with his work and want to maintain the relationship, I’d suggest you: 1.

Generally though, I break it down into the "five pillars" of protecting your assets.The first pillar is avoiding unnecessary and risky activities (don't drink and drive, insurance generally won’t cover your poor decisions) and take good care of your investments(maintain your property, etc) - these simple steps will help you prevent lawsuits before they even occur.

(A) A landlord who is a party to a rental agreement shall do all of the following:(1) Comply with the requirements of all applicable building, housing, health, and safety codes that materially affect health and safety;(2) Make all repairs and do whatever is reasonably necessary to put and keep the premises in a fit and habitable condition;(3) Keep all common areas of the premises in a safe and sanitary condition;(4) Maintain in good and safe working order and condition all electrical, plumbing, sanitary, heating, ventilating, and air conditioning fixtures and appliances, and elevators, supplied or required to be supplied by the landlord;(5) When the landlord is a party to any rental agreements that cover four or more dwelling units in the same structure, provide and maintain appropriate receptacles for the removal of ashes, garbage, rubbish, and other waste incidental to the occupancy of a dwelling unit, and arrange for their removal;(6) Supply running water, reasonable amounts of hot water, and reasonable heat at all times, except where the building that includes the dwelling unit is not required by law to be equipped for that purpose, or the dwelling unit is so constructed that heat or hot water is generated by an installation within the exclusive control of the tenant and supplied by a direct public utility connection;(7) Not abuse the right of access conferred by division (B) of section 5321.05 of the Revised Code;(8) Except in the case of emergency or if it is impracticable to do so, give the tenant reasonable notice of the landlord's intent to enter and enter only at reasonable times.

You seek cash flow to maintain your asset, but the real money is the long-term equity gain.  

This includes tenant screening, writing leases if you don't hire a PM, managing rent payment systems, filing as needed with the county/city, maintenance and upkeep and how to out-source jobs that you don't want to do or can't do, scheduling, maintaining income and expense records, and the list goes on.

It's because of the administrative burden of maintaining a corporation not being worth it if you buy a single property (and the cost as well but that's not significant).

There are 4 partners plus 2 others that do maintainence and lawn & snow.

If nothing else, there will always be students, young people unsettled in their careers, people who don't want to have to maintain a house, and sadly, people who can't or won't save up a down payment.