I will be using a CPA moving forward, but I'm really stuck on something that should be simple to know.

As a side note: The cost of simple repairs and maintenance is paid out of the Operating Bank Account.Other Savings reserve (fund this account monthly with in an amount to cover contingency matters, such as vacancies, etc.)Security Deposit reserve (transfer all Security Deposits to this account).Other reserve accounts may be set up for other matters, such as Tenant Rent Deposits.To clarify matters, there is one Reserve Bank Account. 

Probably not a big deal on a $20k gain, but if you hold on to the property for 10 years, payoff the note, capture some appreciation, etc you could reasonably be looking at a $150k gain and the capital gains taxes on that would be significant.Compare that to the cashflow you'd expect to receive over the 10 years - is it enough to wish paying the capital gain taxes?

The interest on the loan is simple interest and I take all of the distributions from the syndication investment and pay off the interest and pay down the principal. 

Of course, some repairs I still do myself if I have the time and it is simple enough. 

I think the BP community is hungry for simple metrics such as unit count even though it is probably the worst metric you could probably use.

The only ones preaching how easy it is or cost so little are those charging you for their training which is very basic simple stuff.  

I have annual tenants in the unit creating some cash flow BUT I know I can capture additional income by leasing the boat slip during May - OctoberDoes anyone have any experience with this? 

@Katie Willcox Simple enough to fit on a postcard: What are your plans for your property.

If an expense happens which needs tracking that isn't listed on the Schedule E, it could be captured under 'Other' (like real estate education) when filing..