I'm sure there are other ways but this way seems to be popular for real estate investors who only want one subscription.There definitely will be some manual data entry work with doing it this way on a weekly/monthly basis for you but it sounds like you don't mind doing that anyway. 

The part that is far more important is being able to analyze whether or not your assumptions are valid.  

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I analyze at 8% or 1 turnover per year as I am conservative investor.

Does anybody know what rental software is popular in the Dfw area?

@Robin Brown The formula you list is a cash-on-cash return which is an important return when analyzing property. 

You'll have to become an expert at finding and converting motivated sellers + an expert in analyzing deals (including construction and acquisition costs).If you want to eventually get into buy & holds, I'd start there... you can start with a low-down-payment owner-occupied househack, multi-family or other rental property deal.

“Rich people analyze reward.

Here's what we do (copied from our website):Screening ApplicantsPoor screening often results in lost rents, legal & court costs and costly damages.Screening of applicants includes the following:Full credit/eviction/criminal checks are done, instead of score-driven reportsVerification of rental history includes validation of actual property owner to avoid fraudVerification of stability of income & employment via YTD paystubs & W-2(s) (analyzed to confirm not fakes)Income is calculated 3 ways to spot stability anomalies: pay period, YTD average and YTD + W-2 average.Debt-to-income analysis (more accurate than traditional 3x rent requirement)Bank statement to see if NSF issues, if deposits support income, prove MoveIn Funds, also analyzed for unusual transactions.Pet screeningHolding Fee required from approved applicants to make sure they are serious, before your property is marked pending.

How do you go about analyzing a short term rental vs a long term apartment when underwriting?