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

But I am looking for a local CPA.I see no compelling reason for that. 10 years ago, most of the local clients of my firm liked to come to our Houston office.

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.

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

If it didn't cash flow perfectly none of that mattered to me because I was buying buildings in good neighborhoods for the long-term generational wealth they'll create 5, 10, or 15 years down the road.

BP creates the impression that if you're not buying, you're automatically in 'analysis paralysis.' 

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?

So this is creating more competition and more agreesive rent rates and/or concessions like 1 month free to get those vacancies filled.

Consider forming an LLC for liability protection or an S-Corp for tax efficiency if flipping frequently.This post does not create a CPA-Client relationship.