As other shares above, that is excellent guidance.I wishes you the best!

You will get quick responses if you post a deal with excellent numbers and ask for potential partners.  

BP community is an excellent place to learn from others and network, good luck on your journey!

However, if you have a truly excellent single older adult, non-smoker, no pets, coming with little to no furniture, and he will be the only occupant, giving you a honking big damage deposit, plus he doesn't mind that you're gonna have it on the market while he's there, with showings, you might consider it. 

That being said, should I use an excel sheet to track my income and expenses or is there a better way or better software?

Rookie mistake of mine, but my current tenant has lived in it without missing a payment for the past 5+ years and takes excellent care of the property so I haven't increased rent.

Fees are also insurance, but only pay the fee for the excellent service.   

I plugged your numbers into my Excel BRRR calculator and you are right, the way you are analyzing its a break even deal after you complete the BRRR.

I had an excellent agent who had an amazing team behind her that got both deal done for me

Sometimes I combine those with Microsoft excel.