I'll just add, that if you've done these types of deals or similar deals before, having accurate and up-to-date financials (aka bookkeeping records) for those previous deals to be able to analyze the numbers would be a great tool to use to make informed decisions about future deals.And, even if you haven't done deals like this before, keeping updated financials for the deal you're doing is going to be huge as you're making decisions throughout the rehab.We call these data-driven decisions.

@Tyler SpeelmanNot an accountantIt’s my understanding you are just deferring taxes till you sell.

I am just curious how most structure their payment process when receiving and paying rental payments, vender payments, etc.

Our office is just outside downtown.

Do really have to use a business account to collect rent or can I just set up a new account from any bank and only use it for the business?

Just do a search.As much as I love saving money, stick with one of those real PM software if instead of these "banks" offering add-on accounting for free.

. #2 $12k for the entire kitchen or just cabinets and countertops?

I manage with simple notes, spread sheet, even just making tags in my phones SMS to search back and find that person every 30 days.   

What if you just need to tap some equity, and now you are affecting the entire portfolios interest rate.

And just like Bill said, if they pay you less than $600, they don’t need to issue a 1099