Personally, I separate CapEx/repairs/vacancy from cashflow, because these are not fixed expenses but rather a savings goal each month in preparation for irregular costs. 

I had the idea that it would be a fun project to separate it into lots and partner with a builder to put new homes on it and sell the homes (in addition to updating the other house).

They have a shared wall, but are separate parcels. 

Just wanted to ask the community , because it is long distance investment property, if I do own the home what is the best way to keep track of everything, and also in the future if there is more properties, how do I separate and keep clean books for each and every one of them.

There are separate rules for financed multi-units that are nowhere near as lenient, hence the reluctance to assume ALL Fannie/Freddie until that's clarified.

Be careful Many people will try to separate you from your money.

What I don't know about is getting separate water heaters,  electric meters and mailing addresses. 3.

All materials used in a repair or project are a business expense and separate from the labor expenses.

There is a greater chance of the spread of the virus in hotels and motels between groups than groups staying in separate vacation homes. 

Because our government is based on a "separation of powers" the governor cannot prevent the Court, a member of the judicial branch, from doing its job - hearing evidence in eviction cases and rendering appropriate judgments.