Here's where things get slightly complicated.

For one single family residence I would not worry about software that would over complicate things, just open a separate bank account and use it for the rental income and expenses only.

and to make it more complicated this transaction was done in Sept 2016.

Seems like a simple answer, but we have a couple of complications: 1.

This is not complicated stuff. 

For the longest I've been making the whole process much more complicated then I think it should, thanks for making things a lot more clear for people like myself and congratulations. 

.- gain access to the property (usually a locksmith is involved)- Assess the condition - Deal with possessions left behind (can be complicated or could just involve a dumpster)- Get utilities in your name- Rehab it- Make sure the attorney actually records title in your name- Rent/Resell it and hope you made a profitHow soon after I own property, can I refinance and pull my investment money out?

If they don't have another buyer lined up anyway, they just have to sell in 2017 regardless, so no sense in complicating things.

So it is probably less complicated than you are imagining.Changing the membership interests internally under the direction of your accountant to reflect reality is probably not a problem.  

Well im about 3 weeks from finishing and I think I've done like 10% of the work cause of how complicated things became haha.