To clarify, if I set up a mortgage account (liability) and a property account (asset) for one rental property, is there a way to ensure that a transaction (such as making my mortgage payment) will impact both accounts (reducing my liability and increasing my equity in the property? 

You ideally want a fiduciary financial planner that not only provides investment management, but year-round proactive planning that helps you reduce your taxes, increase cash flow, protect your liabilities, etc.

Teaser: How to reduce the cost of PPC from $12k to 22k, while maintaining the effectiveness of the advertising company.

Depreciation and interest are two of your biggest expenses that reduce taxes, so don't forget to factor this into your numbers.Ultimately an exchange defers taxes.

The seller reduced their price some but not all the way to the appraised value so my buyer came up with more cash to fill the gap. 

Starting with the right group will reduce unnecessary friction and get you to your personal goalsWell done on taking action in what is your business.

As you learn the industry, you get better and better at reducing expenses, driving the revenue, and maximizing the value.

Really new to all of this, so we'll see how this year goes as (hopefully) travel restrictions are reduced.

We reduced our timeframe to get back 100% to 30 days out and offered anyone within the 30 day time frame either 50% back or the ability to reschedule for a year from the original date.

@Jeff NicholsSolo 401k / SEP IRA are both options that you can use to reduce your taxable income.