Once you stabilize and raise the rents it would be the hope that the property would appraise for more and the owner would refi and get back significant returns.

Then you can read a more in-depth book like The Book On Rental Property Investing by Brandon Turner or The Unofficial Guide to Real Estate Investing by Spencer Strauss.2.

I just bought my first rental property, and it came with a pool that needs some repairs that could be fixed.

@Vi Huanghire a property manager

I just landed an internship in a zoning office and I have been doing it all to raise funds to put towards my first investment property.

Specifically, I am unclear what the best way is to organize my subaccount; Do I open a new account per property?

If you have a property manager handling it for you, pass it along to the Tenant at cost of the Workman plus the markup of the property manager, whatever amount that is.Spackle is cheap, but paint can get costly especially if two coats are required. 

I am trying to enter the real estate industry with a rental investment property.

Now I only have a FL LLC but my properties are in FL.  

He owns all of the properties free and clear, with no more mortgages.