There are several ways to run and make sure you are maximizing your rental income while keeping your living expense as low as possible.

Digitize physical receipts for easy storage.Additionally, youcan track income and expenses consistently, using software or spreadsheets.I use QuickBooks Online for most of my clients.

Property has a nice view in a middle income suburban area.

Here's scenario:In my early 50's married with 2 kids, good income, live in San Diego, CA.

For tax purposes its a passthrough entity, but it makes it a lot cleaner to do tax strategies around maximizing expenses to lower taxable income. 

@Matthew MendenhallWhat's your runway looking like before learning all the details can you survive a year with no income and investing in your business with no commissions coming in?  

If they honestly account for everything, they would see that they don't earn nearly as much as they think.

Plus as you grow you have all your old data and you have the systems in place from the start.The only way I'd suggest using no property management software and just using excel or whatever to track rent income is if you just had a few single family homes or something as a hobby.

Again, not sure who this line is directed to and i certainly hope not me, as I would think after all this time, I have earned a better rep than that here on BP.

Don't forget to document the condition in which the home is being presented to the incoming tenants.