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.

Do I just use an excel sheet to take 2/3 of each line item below the threshold as the expense amount?

Excellent article.

For buyers who are "just barely qualifying" this could afford excellent breathing room for them in the early stages of home ownership.

Lastly, I did two analyses: one with property management(as Brandon says you don't want to manage forever) and one without(I am looking to gain experience); additionally, I did some best and worst-case scenarios to get a picture of the extremes and I believe this property looks very promising.For my analyses, I created my own calculator on excel based on a template J.