Terms of a partnership can vary drastically but you're much better off giving up some return to partner with somebody that will not lose your money.A good way to find somebody with the requisite experience is to poke around these forums and try to connect with reputable contributors who have posted extensively about the topics you're interested in.

I use QuickBooks, but there are other industry specific tools such as Buildium which have a great reputation as well.Since you are not an accountant, I would recommend that you get one to help you set up your system and then teach you how to input the different types of transactions.  

Be sure to ask about neighborhoods, comparable sales prices, comparable rent prices, property managers reputations, etc.  

They have a web site with the guide lines.  

Buy the featured listing package on realtor.com and take 36 pictures of every listing and do a virtual tour so they come up first on every web site.  

I might suggest hiring a reputable property management company to ensure it goes smoothly.Plus, it sounds like you'll be doing better than where you were planning to invest your cash anyway?

If you list this as FMV (not considering the smell), it'll hurt your reputation, because people will remember you as not being reasonable in your asking price and other agents might not want to take clients to your listings in the future.

The one house I am thinking of right now is the one I completely rewired and took the spider web of old knob and tube OUT of the attic.Good access either by inside closet hatch on a 9 foot ceiling,,,ALL the rest of the house the ceilings were lowered to 8 foot with new framework and new drywall 20 years ago. 

No opening bid listed and get this , no reserve at all on written listed on Hudson and Marshell web site for that home and bam went to bid immediately as auction started online, starting bid was 12,500 and had to go up 1,000 per bid and them Hudson & Marshall did Ghost bids till it went to 37,000 my top bid . and later I read that "reserve the right to raise the bids till it at least they hit the reserve price that Wells Fargo had set.

Are there any web sites or forums specialised for this?